44th Parl. 1st Sess.
October 26, 2023 10:00AM
- Oct/26/23 12:39:40 p.m.
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Mr. Speaker, I really appreciated my colleague's impassioned speech.
We hear comments in this House daily about how the Canada Infrastructure Bank is doing nothing. I think my colleague and I, being from the Durham region, know quite well that we have had some major investments from the Canada Infrastructure Bank, such as repayable financing for Durham Region Transit. I wonder if she could speak to the major difference that this is making for the transit system in our region.
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- Oct/26/23 2:33:28 p.m.
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Mr. Speaker, our government is laser-focused on ensuring inflation can stabilize and that interest rates can come down. We are doing it with a fiscally responsible plan, one that has seen inflation come down from its peak at 8.1% in June 2022. It is also a pillar that our AAA credit rating has been reaffirmed.
The Conservative leader's plan is to fire the Governor of the Bank of Canada and attack the independence of our institutions. How on earth is that going to impact and help Canadians?
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- Oct/26/23 2:34:57 p.m.
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Mr. Speaker, we believe in the independence of our institutions. The Bank of Canada pursues an independent monetary policy that is best suited to Canada's economic circumstances. Keeping these institutions free from political interference is not a matter of principle. It is a matter of protecting Canadians' livelihoods, their businesses and our economy.
Canada's AAA credit rating was reaffirmed last month, and Canada still has the lowest debt-to-GDP ratio in the G7. The Conservatives can keep fearmongering all they want. Canadians expect and deserve better.
Some hon. members: Oh, oh!
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- Oct/26/23 2:39:39 p.m.
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Mr. Speaker, while the Conservatives have stood against helping our most vulnerable, we have fought time and time again for tangible measures that help Canadians, such as the CCB, the workers benefit, child care, dental care, the grocery rebate, the increased OAS, the GIS and quarterly carbon price rebates. We are proud to have lifted over 2.7 million Canadians out of poverty. That is 2.7 million more Canadians who would be joining food bank lines if the Conservatives had their way.
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- Oct/26/23 2:41:17 p.m.
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Mr. Speaker, Canadians are wising up to the fact that the Conservatives would cut programs that our government has put in place for some of the most vulnerable Canadians in our communities. These have lifted almost half a million kids out of poverty and reduced child care fees by 50%, saving families hundreds of dollars per month, to name just two.
Canadians also know that the Conservatives will not step up to fight climate change and would reverse course, make pollution free again and drive up emissions with reckless abandon. Let me ask the Conservatives a question: When will these slash-and-burn Conservatives realize that their reckless behaviour puts the future of Canadian families and our planet at risk—
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Mr. Speaker, I am thankful for the opportunity to speak to Bill C-34, an act to amend the Investment Canada Act.
Today the House of Commons will vote unanimously to support this bill's objectives. This bill was studied at the Standing Committee on Industry and Technology, and we encourage those members to send this bill to the Senate for its consideration.
Members all know very well this legislation plays an important role in our economy and that it helps in making Canada a destination of choice for foreign investments. This legislation will ensure there are favourable conditions for a trade based on a stable regime and clear regulation.
This legislation encourages economic growth and employment. The legislation allows for a government intervention only if an investment would harm Canada’s national security. Bill C-34 allows the government to act rapidly if the circumstances require it, and this is exactly what we intend to do with these proposed amendments.
In fact, it is clear the time has come to modernize the ICA and ensure Canada is aligned with the rest of the world. Our industry remains one of the most dynamic in the world, but as members all know, Canada is facing unprecedented geostrategic challenges and national security issues.
Canada’s foreign investment regime must adapt to the speed of innovation. In recent years, intangible assets in the knowledge economy, like intellectual property and data, have grown in importance in defining Canada’s economic strength and at the same time pose new challenges in terms of how these are to be managed to ensure the benefits accrue to Canada and Canadians.
Our government recognizes the value of the intangible economy, its growth and the relevant opportunities for all Canadians. These new innovations are driving new ways of doing business and with huge opportunities for Canadians. Our government will support this growth as it helps drive Canada’s economy and supports highly skilled, well-paying jobs.
To do so, tools such as the ICA must also be modernized to offer additional protections considering changing geopolitical and technological advancements, and to prevent hostile actors from exploiting Canada’s expertise and capacity for innovation.
Geopolitical risks and instability are now fixtures in our operating environment. Hostile state and non-state actors pursue deliberate strategies to acquire goods, technologies and intellectual property. They do so in ways that are fundamentally incompatible with Canada’s interests and principles. We also know that foreign investments can be used as a conduit for foreign influence activities that seek to weaken our norms and institutions. The nexus between technology and national security is clear and here to stay.
Rapid technological innovation has provided Canada with new opportunities for economic growth, but it has also given rise to new and difficult policy challenges. More and more, Canada is the target of hostile threats. This threatens both our national security and our prosperity simultaneously. That is why our government must adapt our tools to better defend ourselves against current and future threats.
All over the world, foreign investments have been the subject of many investigations, with a specific focus on national security. These investigations focused on several angles, such as the impact of the COVID-19 pandemic, the security implications of climate change, disruptions to global supply chains and shifting geopolitical considerations. Hence, by amending this legislation to stop the threats of tomorrow, Canada will remain a destination of choice for foreign investments.
The time is right to pursue modernization of the Investment Canada Act. Now more than ever, we need to make sure we are doing everything we can to foster an innovative, healthy and growing economy. The guidance and decisions issued over the past several years make clear that some transactions, particularly those by state-owned or state-influenced investors, may be motivated by non-commercial imperatives that could harm Canada’s national security.
Allow me to repeat that these types of investments in sectors deemed sensitive currently face enhanced scrutiny under the ICA. Our government believes an effective review regime must be robust, transparent and flexible to adapt to a changing world and that it is now time to make these changes. That is why we stand today in favour of this bill, which represents the most significant update to the Investment Canada Act since 2009.
We are making important moves now to review and modernize key aspects of the act, while ensuring that the overarching framework to support needed foreign investment to grow our economy remains strong and open. Our record as a government makes it abundantly clear that, where national security is concerned, we will not shy away from decisive action and that our assessment of risk keeps pace with evolving economic and geopolitical considerations.
The ICA already gives us much of the authority we need to intercede and address national security risk that can arise from foreign investment. These amendments build on the solid foundation and will improve the mechanics around the national security review of investments.
Now is the time to act decisively so we can make sure that Canada will continue to gain the economic benefits of investments while strengthening our ability to address threats to our country and ensure its future prosperity. It is clear to everyone that the proposed amendments in Bill C-34 would ensure an important equilibrium. They would protect Canadians and Canadian enterprises while making sure that investors will continue to view Canada as their first destination of choice.
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Mr. Speaker, the amendments to the act are really designed to ensure national security and that Canadian interests are reflected in the act. When foreign investment is coming into the country, it would be subject to a national security review. We have actually seen quite a significant amount of that coming into Canada in recent years. I think giving the minister the powers and authority to be able to react and trigger those reviews are extremely important to protecting our national interests.
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Mr. Speaker, the amendments that are being proposed by this side of the House are designed to ensure that the bill is consistent. They are amendments that were actually subamendments in our committee put forth by the Conservative Party and the NDP. In essence, the amendments we are making are to ensure that the bill is consistent. I agree with the hon. member that, for our work on the procedure and House affairs committee on tackling foreign interference in Canada, this bill is certainly a step in the right direction. It would essentially subject a lot of the foreign investment in Canada to a national security review, which we can all agree is a positive step in the right direction.
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Mr. Speaker, I am not really sure what the member is referring to, because the amendments that we have put forward and we are debating are ones that make the bill consistent. There were subamendments put before the committee that were from the Conservative Party and NDP.
I do not know what the member is bringing forward, but my understanding is that the additional amendment that the Conservatives brought forward is designed to gut this bill and take away the minister's power and discretion in order to trigger a national security review. That would greatly reduce the speed at which that can happen, which I think is contrary to the whole intent of this particular piece of legislation.
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Mr. Speaker, you will not be surprised, that, unfortunately, I disagree with the hon. member that this is slack. I do not think that is the case. This is a very strong piece of legislation that was agreed to by committee members.
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