44th Parl. 1st Sess.
February 6, 2023 11:00AM
Madam Speaker, today I rise to speak to Bill C-34, an act to amend the Investment Canada Act.
Bill C-34 implements a set of amendments to improve the national security review process of foreign investments and modernize the Investment Canada Act. Collectively, these amendments represent the most significant legislative update of the ICA since 2009.
These amendments would also ensure that Canada's review process is consistent with those of our allies. This consistency is something that business owners and stakeholders within the riding of Waterloo have also spoken to me about. It is something that is important to them, as Canada is a trading nation and being aligned with our allies is something of importance.
Canada has a long-standing reputation for welcoming foreign investments and a strong framework to promote trade, while advancing Canadian interests. In fact, Canada has one of the earliest and most robust screening processes for foreign investments in the world.
For some history, the Investment Canada Act was enacted 38 years ago in 1985, to encourage investment in Canada that contributes to economic growth and employment opportunities. The act allows the government to review significant foreign investments to ensure that these benefits exist. The act was updated in 2009 to include a framework for a national security review of foreign direct investments. Since then, and for the longest time, the ICA has been one of the only pieces of legislation in the world that provides a reviewing mechanism for the net benefit and national security threats of foreign direct investments.
It is clear that the federal government has long played a leadership role in setting a framework for investment review that attracts needed positive foreign direct investments without compromising on national security. However, the world looks a lot different now than it did in 2009. The global market has rapidly changed along with shifting geopolitical threats. Canada is growing and our interactions with the rest of the world are changing.
The government has seen a rise in state-sponsored threat activities from hostile state and non-state actors. They are attracted by Canada's technologically advanced open economy and world-class research community. This is something we know very well in the riding and region of Waterloo.
The level of sophistication of these threats has also increased. Hostile state and non-state actors are deliberately pursuing strategies to acquire goods, technologies and intellectual property through foreign investments that could damage Canada's economy and undermine national security while possibly controlling the supply chains of critical goods. These concerns are real and are why debating and advancing legislation is necessary.
The COVID-19 pandemic has created additional vulnerabilities that could lead to opportunistic and potentially harmful investment behaviour by foreign investors. In response, the government has taken swift, concrete action to enhance scrutiny on inbound investments related to public health and critical goods and services. The government has again taken action recently by enhancing scrutiny on investments involved in sensitive goods and technology, such as critical minerals, critical infrastructure and sensitive personal data.
Through these investments, the government is prepared to once again take action to strengthen the national security review, while allowing for positive foreign investments. Canada is a trading nation and we work with international allies. The reality is that economic-based threats to national security are an area of increasing concern, not just for Canada but for our allies as well.
Other jurisdictions internationally are moving in response to the shifting geopolitical threats either by amending or by putting in place new investment screening regimes. Our action is needed to bring Canada into greater alignment with our international partners and allies. For example, I understand that Australia has updated its laws on foreign direct investment. It made a prominent change by introducing authorities to protect national security in January 2021. These include fresh powers for the Australian government to require mandatory notification for transactions involving a national security business before the transactions are closed.
Additionally, the United Kingdom introduced a new stand-alone regime on national security and investment in January 2021. The act creates, for the first time in the U.K., a mandatory obligation to secure clearance for transactions that acquire control of a business in around 17 specified and sensitive sectors before they are completed.
The U.K. has also introduced legislation that allows the government to impose interim orders while the review is being conducted, preventing foreign investors from obtaining confidential information or accessing sensitive sites or assets until the review is complete.
Our cousin to the south, the United States of America, overhauled its foreign direct investment laws in 2018. The amendments added new types of transactions subject to government review and, for the first time ever, mandated notification of transactions involved in critical technologies, certain critical infrastructures or sensitive personal data of American citizens. New regulations fully implementing the act took effect in February 2020.
The proposed amendments in Bill C-34 would address the concerns we have heard from Canadians and which have been echoed by our allies. The proposed amendments in Bill C-34 would address these concerns by introducing new preimplementation filing requirements for specified investments, as well as the power to implement interim conditions during national security review of the investment.
This would provide Canada with the new governance capacity to address the increasingly complex threat landscape. Bill C-34 would also ensure that Canada's foreign direct investments screening regime remains world-leading.
As I have shared, Canada and our allies share similar national and economic security concerns. They are concerned with threat actors acting and operating in multiple jurisdictions to secure a monopoly in critical assets and technology.
It is becoming increasingly important to share information with allies and support national security assessments to prevent these threats from happening.
Previously, the minister had limited capacity to share case-specific information with international allies. Bill C-34 would introduce the authority for more threat information sharing by the minister with international counterparts for national security reviews.
This could help both Canada and our partners defend against an investor who may be active simultaneously in several jurisdictions and be seeking same sensitive technology or critical assets.
For example, the amendment would allow the minister to reach out to a foreign partner and disclose information about the investor to gain additional information and to support Canada's own national security assessment. That said, Canada would not be obligated to share such information where there are confidentiality or other concerns.
There is never a shortage of critics, but this legislation is about making sure that Canada welcomes foreign investment and trade that encourages economic growth, innovation and employment opportunities in Canada for Canadians.
I believe that this approach is pragmatic and principled, and provides a coherent and solid framework to address evolving geopolitical threats while allowing Canada's review regime to be more aligned with our international allies. If there are ways to make this legislation better, I believe we have the opportunity now to work together to make that happen.
We are currently at second reading. This legislation is being debated in the House. To see it go to committee where it can be further scrutinized, where witnesses can attend and appear and amendments can be made, would really allow for this legislation to work for more of the Canadian economy.
With Bill C-34, Canada would continue to encourage positive investments without compromising national security. I think it is really good that this legislation is being debated as a stand-alone piece of legislation, where we actually can get into the details of what would work better, because it is important we have legislation that promotes and supports foreign investment but also makes sure we do not compromise national security.
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Madam Speaker, when I look at the legislation, I see the modernization of an act that would provide better transparency.
We have seen a great deal of investment over the years. The Minister of Innovation, Science and Industry talked about some significant investments in just the last number of weeks. The member referred to the battery industry and its potential growth, as well as how Canada is actually leading many other countries. I believe it is somewhere around number two or three in the world.
There are many investors who want to continue to come to Canada. Could the member reflect on the potential of some of those industries and why it is so important that we modernize the legislation to provide more clarity?
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Madam Speaker, I listened intently to my colleague's speech. He had a lot to say about China, and rightly so, in my opinion. I think we should all be concerned about China's actions and its investments, which do not always comply with our laws.
However, not all investment is from China. Many other countries invest. Under the Investment Canada Act, which is what we are debating today, when a major investment is made in Canada, the minister has to review it and determine whether it is of net benefit to Canada. There are both national security and net benefit to Canada considerations.
In 2021-22, over 1,200 notifications of investment were received, which is a lot. Only eight of those—less than 1%—were reviewed. The government has a rose-coloured view of the situation and is not doing its job.
What are my colleague's thoughts on that?
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Madam Speaker, I agree 100%. In my speech, I mentioned lowering the thresholds, and we should probably be looking at most investments.
Most importantly, Canada needs to be proactive. We need to look at acquiring and attracting investments. We want investment in Canada. My speech focused on wanting Canadians and Canadian companies to benefit, and they do benefit from international investment. They benefit as long as there is investment in Canadian companies that will grow and stay in Canada and we protect the IP that is here.
Certainly, I agree with the member on lowering thresholds. We should look at almost all investments that come to Canada because we should be in control of those investments. If Canada is going to grow and prosper, we are also attracting investment in Canada. This means that we know where the investments need to go. It means making sure that those Canadian companies, that IP, stays in Canada and that Canadian companies are growing here in Canada.
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Madam Speaker, I am glad to see you back in the chair as well.
I want to start by thanking my constituents for giving me the great privilege of being able to rise in the House to speak on their behalf to the issues they are concerned with these days. To the constituents back home, the debate today is on Bill C-34, which is amendments to, although the government calls it the modernization of, the Investment Canada Act. The specific name given in the bill is the national security review of investments modernization act. For everything that is wonderful, it seems the government will always call it “modernization”.
Maybe I will take a different tack than other members have taken. I find that for every piece of legislation, whether it is Liberal, Conservative or a private member's bill, it is the moment it is tabled and the events that lead up to it that are important. This particular piece of legislation, let us to be serious, is about the People's Republic of China and state-owned investments being made in Canada, whether those are investments that contravene our national security interests or investments that, in the long term, are not in the interest of the Canadian economy or the Canadian worker.
We have seen the experience of other countries all across the world over the last two decades, since the People's Republic of China was allowed to enter the WTO, and that relationship has changed the world economy. I believe this is a response to the behaviours of the government of Beijing over the last two decades.
Madam Speaker, we were in the United Kingdom, in London recently, and we met with individuals who spoke about the general relationships the United Kingdom has. I had the great honour to return to the Palace of Westminster to hear from Alicia Kearns, chair of the foreign affairs committee in the United Kingdom. There was a long meeting held about the British business relationship with the People's Republic of China.
It was fascinating to hear experts in the field describe not only the pros, the cons, and the pitfalls for British businesses having to share their IP and technology, but also the footprint of their businesses and the exchange of workers that go and back. Some of these workers from the different provinces in China would eventually want to stay in the United Kingdom. They would be applying with and leaving to go to competitors. They talked about the long term, and the three stools of relationships, which are government to government, business to business, and people to people, and how all three are incredibly important.
In describing Canada's relationship, as the Canadian government, businesses in Canada and the people of Canada, I think our relationship with Beijing could be defined as broken at the government level, the business level and the people-to-people level.
I have a Yiddish proverb. Members know I really like them.
[Member spoke in Yiddish]
[English]
The proverb means, “The match was a success; they were broke inside of six months.”
Although the timeline is different in this particular situation, over the last six, seven, eight years, we have seen a broken relationship. There was an attempt by the Liberal government to negotiate a memorandum of understanding for a free trade deal with Beijing. That fell apart completely.
We basically had a freezing of the relationship while Canada dealt with the Meng Wanzhou case in Canada, and the Government of China held two of our citizens for no good cause. It was hostage diplomacy. One thing I heard repeatedly when I was in the United Kingdom, shared to me by both lords and ladies, and by members of their Parliament, was that it is also incumbent upon Beijing to watch the language that they use in international diplomacy.
It is not just incumbent upon us to raise issues of human rights, which are incredibly important to the people of Canada, and people in my riding as well, to that business relationship. There is an effect when politicians raise issues of human rights and that has a direct impact on business interest in China. I know in the case of Alberta, we export a lot of agricultural goods. Chinese companies are amazing purchasers of things such as canola, pork, lentils and other products that western farmers love to produce, and it is a great market for agricultural products. I do not represent an agricultural riding, but it has an impact on my riding as well, because many people who live in my riding have family members who continue to farm on their operations.
The events that have led to this today go beyond just the balloon drama that we have had over the last few days, and I know we all like to make jokes about it. We have all had enough puns.
I think the last review for the Investment Canada Act was around 2009, but let us look at the behaviour of the Government of Beijing. Right now, 47 of the most prominent pro-democracy activists, legislators and people who are interested in protecting the civic institutions of the city of Hong Kong, are on trial. The largest trial of democracy activists in Hong Kong's history is being held right now, and it does not look very positive for them. I hope the trial will go their way, but I am not very confident.
We have an amazing relationship with the people and the Government of Taiwan. The senior Taiwanese opposition leader, the vice-chairman of the Kuomintang, or the KMT, Andrew Hsia, is right now leading a delegation to Beijing's office dealing with Taiwan relations. That is happening as we speak.
In the United Kingdom, there is a semiconductor company called IQE, which is the acronym for its name. It happens to be in Wales, and as the Speaker would know, we were in Cardiff as well. The company is informing the government that, because of the delays in reaching a strategy on semiconductors in the United Kingdom, it might move out.
That is not unheard of. It is something that is happening across all western economies right now as businesses are seeking opportunities from foreign investors to help build a plant, finance their operations and manufacture goods. They are having to review where the funding is coming from and what kinds of strings are attached to it. That is what I see in this piece of legislation.
Although different members have mentioned that there are shortcomings, and the member for South Shore—St. Margarets itemized a list of concerns that Conservatives have with this particular piece of legislation, I think there are opportunities. Reuters very recently noted the fact that this Parliament has now called for the resettlement of Uighurs, particularly those who are facing a genocide in China, perpetrated by the Government of Beijing in the Xinjiang region, which will now be resettling them.
That will also have an impact on the business-to-business relationships, because the government in Beijing considers any mention of it, by any parliament or government, as worthy of retribution. Typically, it is business retribution. I am sure that, if I applied today for a business or tourist visa to go to mainland China, I would very likely have it refused, and I accept that.
Bloomberg recently reported that aluminum products that are entering the United States are being detained at the border because they are suspected of being connected to forced labour in the Xinjiang province.
Just last week, the member for Dufferin—Caledon had an Order Paper question come back to him from the Government of Canada saying that it has seized zero products in Canada related to forced labour in one particular province in the People's Republic of China, while the United States' government has been seizing hundreds of millions of dollars' worth of goods because it has evidence they were produced illegally using forced labour.
Another recent event I will bring up is that President Xi has called for more efforts to accelerate the establishment of a new pattern of development. This has been reported by the Xinhua state news agency. Its focus is on dual circulation, security and self-reliance.
With respect to the piece of legislation we are considering here, and I support sending it to committee to do further reviews, I do not think we should kid ourselves. This is indeed about the People's Republic of China. It is about the Government of Beijing, its behaviour in other countries, and what it might intend to do in Canada or has done in the past.
In the last election, at a minimum, we called for the automatic review of transactions that involved sensitive security sectors, such as defence, artificial intelligence and rare earth minerals. That is what a committee of Parliament should do, review what other sectors or economies should be reviewed. I think that, with respect to all state-owned entities that come from mainland China, we should set the bar at zero. They should automatically be reviewed. I am not worried about state-owned companies from the Republic of France or the Republic of Poland, but I am concerned about the People's Republic of China and its direct control of state-owned companies.
While we have a broken relationship, as I referred to in my Yiddish proverb, there is a relationship that we have brought to this point. That is not entirely the fault of the Canadian government. The Government of Beijing held two of our citizens hostage, and there are consequences to every action. I consider Bill C-34 part of the consequences that must be put on that government for the genocide of the Uighurs; the bad relationship it has developed with our people, our government and our businesses; and lastly, for engaging in hostile diplomacy and holding the two Michaels hostage.
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Madam Speaker, the member talked about how businesses differed 100 years ago. Although he is correct on that point, more broadly we have itemized the list on this legislation. The member for South Shore—St. Margarets itemized a few concerns he has with this particular piece of legislation, including things such as automatic reviews of proposed acquisition of company's assets, plants, mines, land, IP and data for the state-owned company involved. Also, what happens if it purchases it, and then breaks up the company to parcel out different components of it. There needs to be that secondary step being taken.
This legislation is on the right path, but it is the details that really matter when reviewing investments that come from overseas, especially when they are from state-owned companies. It may not be in the interest of Canada for a foreign company to come in and purchase one of ours. Even though it may be good for shareholders, at the end of the day, we agree that the national security interests of Canada should predominate when state-owned companies are involved.
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Madam Speaker, the member for Pierre-Boucher—Les Patriotes—Verchères is right in saying that I am concerned about the investments that are being made by big public corporations that are owned and operated by Beijing.
For the past two decades, the People's Republic of China has used businesses that it runs to make investments in other countries, without necessarily caring about the workers in those countries or those countries' future interests.
As I explained in my speech, this bill is a response to Beijing in light of the events that have occurred over the past eight years and the past two decades. I think it is completely acceptable. That is the goal and benefit of the bill.
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Madam Speaker, it is always a pleasure to talk about investments in Canada and the way this government, from day one, has looked at how we can increase Canada's GDP, support Canada's middle class and build a healthier and stronger economy, whether that is by investing in things such as infrastructure, which is something the former prime minister failed at doing, or by taking a look at how we can increase investments coming into Canada, something we have been very successful at doing in the last number of years.
Of course there are the types of opportunities that have been created by a government that has a very proactive approach at dealing with trade in general. Trade also supports the encouragement of additional foreign investment. This government signed off on more free trade agreements than in the history of any other government in the House of Commons. That, in itself, has played a significant role in how Canada is perceived around the world, whether it is Europe, the States, Mexico, Asia or south Asia, wherever it might be.
We have recognized that one way we can elevate the lifestyle and the way we live in Canada is to look at ways to create the types of middle-class jobs that Canadians want. We have been very aggressive in pursuing that along with a number of other things that I will save for another debate on another day.
However, there is misinformation consistently coming from the Conservative Party. I was listening to a previous speaker who was talking down Canada's battery industry. He was saying that we were supporting China and that we could not achieve the production of electric vehicles in Canada. He was literally, and this is no surprise, talking down what was happening in Canada. The problem is that it was not factually correct, and it seems this is an inherent problem that the Conservatives have. They look for things they can say for the spin even if it is true or not.
The member talked about batteries. Does the member realize that when it comes to the battery supply chain, Canada is second in the world? There are a lot of countries throughout the world and we are number two. We should be talking that up, not talking it down as the Conservative member was doing.
In fact, there is a multi-billion dollar investment coming in just outside of Kingston. I know my colleague from Kingston puts a lot of work into expanding that whole region in many different ways, and no doubt he might have even played a role in this. The billions of dollars that are being invested is going to help secure Canada's second place in the world when it comes to batteries.
It is recognizing foreign investment is not a bad thing. Foreign investment is going to help our economy grow. It is going to assist us in creating the types of jobs that Canadians want not only for today but into the future. It is important that the Government of Canada recognizes this by investing in it, not just acknowledging it. We have consistently done that over the years.
On the battery industry, the Kingston-area plant, the billions of dollars of investment, will create 1,000-plus jobs. A global corporation, Umicore, will be working with the Province of Ontario and the federal government. As a direct result, not only will it secure a long-term commitment in an area that will grow over the next many years but it will also create jobs and a cleaner economy, which will have other types of spinoff benefits. In part, it is possible because we recognize there are those who are abroad who look at Canada as a safe place to invest.
Contrary to what my Conservative friends might try to say, relatively speaking and compared to the world, Canada is doing exceptionally well on the investment front. We need to recognize that Canada remains an open economy and, in fact, is the envy of many countries around the world.
One could stick with the automobile industry and the transitions that are taking place. I believe there is somewhere in the neighbourhood of half a million jobs in that industry. In recent years, we have heard about investments from abroad coming to Canada to build upon those jobs, to support that industry, and understandably so, because of the resources we have to offer, because of an amazing workforce and even because of things such as our universal health care system. Companies take those types of things into consideration.
It is not just the bottom line over the next year or two for those many companies. Investors think long term. A greener economy does matter.
That is why investments in green technology by this government, are at historic levels. Stephen Harper never invested a fraction of the types of monies we are investing in a greener economy. As a result of some of those investments, I suspect we will be seeing more international players looking at Canada as a strong, healthy economy that is worth the billions of dollars of investments we will see over the coming years.
Let us think about those industries. My home province of Manitoba is rich in minerals and resources. We require foreign investment in order to maximize the potential that is there.
We have great investors in Canada and we continue to lead in many areas, especially in the agricultural industries and our manufacturing industries. One of the most high-tech airplanes out there, the ones we just purchased, is the F-35. The wings for those are actually manufactured in the city of Winnipeg.
We have industries that we have seen substantial growth. I am always amazed when I take a drive in rural Manitoba during harvest season and see canola being harvested. That comes from the Prairies. It is technology and science at work. At the end of the day, the world is better off as a direct result of Manitoba producing the type of canola it does today.
There was a time when the Prairies was seen as more of a hinterland. We could draw out resources, be paid for them at a reduced price, I would suggest, and forget about the processing. The Prairies wants, demands and has been seeing a diversification of our economies. Never before have we seen as much economic activity in a wide spectrum of areas.
I often talk about how wonderful the hog plant, HyLife, in Neepawa, Manitoba has been to the community because of everything that goes into that plant. Hundreds of employees work there. The life that it has brought to the community of Neepawa is in good part because of that plant and the hundreds of jobs it has generated. Everything that comes out of that plant is exported to Asia.
Investments within Canada as well as external investments are coming into the province of Manitoba, just as I suspect they are into all regions of the country.
From my perspective, the modernization of the Investment Canada Act provides assurances, transparency and a higher sense of accountability. It ensures that the minister is able to protect certain industries, because there is a great deal of concern out there. Two examples come to mind. One is the war taking place in Ukraine and Russia. We have seen the impact that Russia has had on the marketplace, particularly in Europe. It reinforces what the Prime Minister has indicated with respect to looking at our allied countries, countries that share the same values we have, and how we can invest more in that relationship. It becomes more of a two-way street in that sense. Not all foreign investment is good. This is why we need to have this act.
When people think about security and safety, they do not necessarily think of the economy. They might think about the Canadian Forces or our military hardware when it comes to the security of the nation, but what is equally important is the security of our economy. In essence, the Investment Canada Act is there for that. There are players in the world who invest for alternative motives. It is not just about money. We need to give additional attention to some of those players. We often hear about relationships between the different nations. I like to think that if we have learned something from some of the things we have experienced in the past, we could greatly benefit by it.
When I think of our market and our economy, most people want an open market and a free economy where businesses can thrive. Consumers would benefit and we would have a growing and healthy middle class. However, there are some things that really frustrate us as consumers, such as the lack of competition in certain areas of the economy. That has a significant impact.
I think the member for Windsor West from the NDP made reference to Target stores. I remember when Target, a big American company, wanted to invest in Canada. It was going to replace Zellers stores and close some Zellers stores in Winnipeg. It had the big store opening on Saint James Street. Then, after all was said and done, Target pulled out and there was a sense of disappointment. At one point there was a sense of excitement that we were getting this big Target store, and it was fairly well known for its pricing. Consumers felt it would be a good thing, but then Zellers disappeared and Target disappeared. That creates suspicion in the minds of many.
We have, as has been pointed out about grocery stores, some large corporate giants out there, and people are concerned about the price they pay for their food. It is not like there is an option. That is why it is reassuring to Canadians when we have a Minister of Industry who has been very proactive in communicating with these grocery giants and ensuring there is competition.
It is one of the reasons that I and many others will often go to some of the smaller family-owned grocery stores. When Sobeys bought Safeway out west, there was a great deal of concern. In my riding, we had a Sobeys on one side of Keewatin Street and a Safeway on the other side. One store ended up closing, and it is still closed today. Nothing has filled it on the east side of Keewatin Street, but the Safeway has kept that particular name because it had a history in the Tyndall Park area. If we check with the people, we will hear them provide comment that the lack of competition between those two stores might have caused prices to go up.
We could talk about gas prices. We could talk about cellphone prices too. One of the disadvantages that Canada has is the fact that we do not have the same size consumer economy as others do since we are a population of 38 million people. The U.S. has 10 times that and Europe has a multitude of different countries, so as elected officials, we need to be a little more aware of the importance of healthy competition. That is why we talk about what the Minister of Industry has been able to accomplish, whether it is attracting foreign investment or keeping companies that are here more accountable in terms of the pricing put out there. We want Canadians to understand and know that we are here to protect their interests.
That is what this legislation is all about. We recognize the value of foreign investment, and by making it more efficient by allowing ministers to extend deadlines, for example, we are in a better position to protect our marketplace security and work with countries such as the Five Eyes nations.
I will leave it at that, and maybe there will be a question or two.
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Madam Speaker, the most important thing within this legislation, from my perspective, is that it would enable more discretion for ministers, whomever they might be. I see that as a positive thing.
The Conservatives seem to believe there should be a listing of industries to which this would be applied. I tend to disagree. I believe that is one of the reasons we have opposition parties. Opposition parties are well positioned to be critical of government if they have a different opinion on investments they believe should have been better tracked, for example. That is why I encourage members to take into consideration that the principles of this legislation and its modernization will ultimately provide a higher sense of national security for Canadians.
With regard to the specific question, I really cannot provide more of a detailed answer than the minister has provided in the past.
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Madam Speaker, I listened to the speech given by my Liberal colleague. He said that it was important to give the minister more powers to review foreign investments. I concur. More powers and further review are necessary, but I wonder what the government is doing with this power once acquired.
I clearly remember a case, in 2016, because it happened in my riding. Rona, a very important Quebec-based chain, was sold for $3.2 billon. We filed an access to information request to determine the rationale for the government's review under the Investment Canada Act. There were no documents, no studies, nothing.
Can the member opposite explain why the government, which wants new powers, is not using the powers it has and is not fulfilling its role when it reviews potential investments?
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