44th Parl. 1st Sess.

November 9, 2023 10:00AM

Mr. Rick Perkins (South Shore—St. Margarets, CPC)

Nov/9/23 12:27:06 p.m.
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Re: Bill C-34

Mr. Speaker, I listened intently to the speech by the hon. member, and it started with a false premise. The hon. member seems to think he is an expert going back to the Investment Canada Act's introduction on how many investments have been approved or not approved through the process. Of course, he said none, which is completely false. Even in the Harper government, just briefly, there were examples. PotashCorp was rejected by the Harper government, as were the sales of the Canadarm to U.S. interests and Radarsat. Thus, the member should do his homework a little more before he speaks about those issues. However, on the bill itself, could the member explain why he thinks the government believes that cabinet should not be involved in the decision-making process in any acquisition of a corporation by a foreign entity?

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Context: House Hansard - 250 - Nov/9/23

Mr. Richard Cannings

Nov/9/23 12:29:59 p.m.
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Re: Bill C-34

Mr. Speaker, I would totally agree. In my speech, I briefly mentioned the need to really develop and bolster our intellectual property programs and culture in Canada. That is outside this act, which controls investment and the takeovers of Canadian companies. We are studying this in the science and research committee right now, about how exposed a lot of Canadian research and development is to foreign takeover, foreign theft and foreign entities taking our intellectual property because they have the legal right to it. The value in these companies today is intellectual property. AI is one example. It is lost so quickly and easily. We have to do everything, controlling it not only in these acquisition regulations but also in the period of science and research that leads up to some of these investments.

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House Hansard - 250