44th Parl. 1st Sess.
October 26, 2023 10:00AM
Mr. Speaker, I am pleased to see you in the chair.
The Investment Canada Act was in need of a review, especially when one thinks of businesses in the context of COVID‑19, like our aerospace businesses. There is an issue. Are we protecting them enough? I do not think we talked enough about thresholds at committee. The government did not exactly show it was open to reviewing these thresholds.
At what point do we start an inquiry? I would like to hear what my colleague has to say. Should we have dug deeper into this to make sure we could protect our SMEs, which are the backbone of the Quebec and Canadian economy?
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Mr. Speaker, the minister does have an obligation to review things.
I think back to 10 years ago, and things do change. We could ask how many dollar stores, such as Dollar Tree, were around at the turn of the century and where they are today. Even stores like Giant Tiger have popped up in more communities. I would suggest there are probably more of them than there were Zellers stores.
There is a wide spectrum of things that have to be taken into account that the government is ultimately responsible for. The biggest concern I had was when Loblaws assumed Shoppers 10 years or so ago. That was something I do not know whether I would have approved of. With respect to the Target and Zellers stores, I just do not know enough about the details. All I do know is that there seems to be a lot of retail competition, especially if we factor in the advancement of the Internet.
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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, there has been a long history of the Liberal government making poor decisions by allowing Chinese Communist state-owned operations to take over operations. I will start with one, Anbang. Members will remember that then minister Navdeep Bains bought health care for seniors in B.C. It was a total disaster thereafter, and during the pandemic, the B.C. government had to step in and take over. For that reason, we do not need one individual making a decision on whether there should be a security review.
Does the member agree with the Conservative amendment that it would be better to have the Governor in Council or all cabinet members weigh in on those kinds of decisions?
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Mr. Speaker, national security issues due to investments made by certain state-owned enterprises were always a concern. In fact, I think we have gone back and re-reviewed some of the decisions made to allow foreign investments by state-owned enterprises.
My view is that this bill is comprehensive enough to take care of the national security review of any investment made by any foreign entity.
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Mr. Speaker, I would like to thank my colleague for his speech, because he highlighted the positives of Bill C-34. The United States, the Americans, thought of us as a sieve, and they were right. Now, Bill C‑34 fills in the holes, particularly in the review process, which is basically a copy of what is being done in the United States. They are likely to take us more seriously now.
However, we are saying that Bill C‑34 focuses solely on national security. Should we not be focusing on economic security as well?
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Mr. Speaker, there is a part of this bill that talks about the ability to review any state-owned companies looking to purchase in Canada.
We have seen in the past how long it sometimes takes for the government to make a decision. I am wondering if the member opposite would agree that it would be good to possibly strengthen something in this bill to make sure there is a timely response, to make sure that that review gets done as soon as possible, so there is some certainty for investment that is needed in Canada, but that it is done in a proper way so that Canada is not being exposed to actors who maybe do not have the best of intentions for our country.
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