44th Parl. 1st Sess.
November 9, 2023 10:00AM
- Nov/9/23 4:12:07 p.m.
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The problem with the interpretation has been fixed. The hon. member for Berthier—Maskinongé may continue.
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Mr. Speaker, I will start from the beginning. I was thanking my colleague for his speech and telling him that a little earlier, I had mentioned that the Bloc Québécois members feel that this bill does not go far enough in protecting head offices.
However, as in everything, there needs to be balance, reasonable measures. We cannot shut down all outside investment. Several MPs have reiterated today that there needs to be outside investment as well. It is a question of striking the right balance. How do we implement good measures that preserve jobs, to try and maintain our technological innovation, but without blocking all outside investment?
I would like my colleague to share his thoughts with us. Where do we find the balance to be able to export, too, at some point?
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Mr. Speaker, I agree with my hon. colleague. We do want the investment here. Actually, some of the amendments proposed were going in the direction of allowing a less rigorous process for our Five Eyes allies, who have better processes in place than we have right now, to have reciprocity in the approval process. In addition, one of the amendments targeted only authoritarian states, which tend not to be our allies. There was differentiation, if we look at all the amendments, that allowed for a differential process depending on where a potential investment was coming from.
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Mr. Speaker, my hon. colleague is a new member, as am I, of the international development caucus, and I enjoy working with him very much on that work.
I have a couple of things. First of all, he talked about the need for Canada to play a bigger role in the world so that our allies share intelligence with us. However, I cannot help but point out that the leader of his party, who is hoping to be the prime minister of this country, refuses to get top security clearance and in fact would not be able to benefit from their intelligence in any way.
The other thing he spoke about was the need for us to invest in energy infrastructure. My friend, the member for Timmins—James Bay, and I were in Germany meeting with the Chancellor and the head of the chancellery at this time last year, and they spoke to us about the need to translate their energy sources. They wanted their energy sources to become green. They were not interested in a long-term investment in fossil fuels. They wanted to get off fossil fuels, so building the infrastructure for fossil fuels that, in fact, the rest of the world is already moving away from does not seem like a very smart strategy.
I am wondering if he could comment on that.
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Mr. Speaker, my hon. colleague and I both have a passion for addressing hunger. There are eight billion people in the world. Four million of them are dependent on synthetic nitrogen fertilizers made through the Haber-Bosch process from natural gas.
If we had the pipeline that I referenced in my speech to eastern Canada, in the short term, we could have addressed the needs of our allies Germany and Japan, which have come calling for LNG. There will continue to be a need for infrastructure dealing particularly with natural gas.
We could also do far better in addressing the world's expanding use of coal with LNG. That would do more than any carbon tax ever will, as the record of it is showing, in reducing world greenhouse gas emissions. It was predicted 10 years ago that we would reach peak coal. We set a record in coal consumption in the world last year. We are predicted to smash that record this year. Why are we not putting Canadian LNG on the world market? It is because we do not have the infrastructure to deliver it to our allies and to some of the countries still putting coal-fired plants online.
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Mr. Speaker, we know that after eight years of the government's policies, the OECD put out a report that says Canada will have the worst performing economy in terms of business investment out of the entire industrialized world this decade and for the next two subsequent decades as a result.
I am wondering if the member could comment on this piece of legislation and the fact that the 10 amendments proposed by the Conservatives that were voted down by the NDP-Liberal coalition could have perhaps been part of a remedy to that situation.
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Mr. Speaker, absolutely. If the member wants to know more, I can add to that.
There are so many places where Canada could be leading, and we are not because we have not made the investments in our infrastructure. That needs some discerning. This legislation is a step in the right direction, but it does not do nearly enough to allow us to screen potentially helpful foreign investment to get the infrastructure we need to serve our allies, and it does not do enough to protect our mineral assets and other critical assets for advancing our economy here at home and abroad.
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Mr. Speaker, it is always an honour to rise in this House as a representative for the amazing people and spectacular region of North Okanagan—Shuswap.
Before I speak to Bill C-34, I would like to acknowledge that this is Veterans Week. I also acknowledge the recent loss of a dedicated community volunteer, constituent and friend, Steve McInnis, a 37-year veteran with the Canadian Armed Forces, where he served with distinction. In 1988, the Nobel Peace Prize was awarded to UN peacekeepers, and Steve received this fitting recognition for his service in the cause for peace in the Sinai peninsula from 1977 to 1978. Steve served his country and community proudly and with distinction and will be deeply missed. I am confident Steve has reconnected with his long-time friend and fellow veteran Paul Shannon for beers, laughter and, of course, their famous shenanigans.
I say to Steve, Paul and indeed all veterans and Canadian Forces families that Canada appreciates their sacrifices and we will never forget.
I rise today to speak to Bill C-34, an act to amend the Investment Canada Act. The proposals of this bill seek to amend the Investment Canada Act's governance of acquisitions of Canadian companies by foreign entities. After eight years of Liberal inaction, this bill is long overdue. I will provide some examples of how overdue it is.
In 2017, six and a half years ago, red flags were raised and alarm bells sounded about the takeover of B.C. seniors homes by profiteers in Beijing. I will quote one of my Conservative colleagues at the time, the former MP for Kamloops—Thompson—Caribou, Cathy McLeod, who stated:
Our seniors are concerned about the quality of care, of food, and the credentials of the people caring for them. This transaction is clearly not about charity; it is about profit. Why would the Prime Minister put the care of our parents and grandparents at the mercy of profiteers pulling strings from Beijing?
The Liberals' response to Ms. McLeod's concern was dismissive and short-sighted. As the industry minister at the time, Navdeep Bains, said, “the additional financial resources will allow Cedar Tree the ability to expand, provide better service, and create more jobs.”
Despite the Liberal reassurances back then, services for B.C. seniors were neither expanded nor improved. To the sad contrary, services became worse. It was B.C. senior citizens who suffered when multiple Beijing-controlled senior care homes failed to achieve standards of care for some of our most vulnerable citizens. The Liberals ignored warnings from the Conservatives, and the result was a Beijing-controlled disaster that caused suffering for seniors in British Columbia, suffering the Liberal government was warned of, suffering it ignored and suffering it enabled. That was the first example of how the government's hesitance and delay in protecting Canada have hurt Canadians.
As another example of how overdue this bill is, I will reference a 2019 report from the Standing Committee on Fisheries and Oceans, entitled “West Coast Fisheries: Sharing Risks and Benefits”. The fisheries committee undertook this study in response to very serious concerns raised by Canadian fish harvesters and coastal communities who had seen their access to Canada's fisheries eroded by increasing levels of foreign control.
The committee's study was in response to alarm bells warning us about very significant portions of Canada's west coast fisheries being bought and owned by foreign buyers. Alarms were raised by Canadian fishers who were and continue to be very concerned about the loss of control of not only a valuable Canadian food source to foreign entities, but a source of culture, economies and well-being for our coastal communities. The Liberal government should have acted sooner in response to the testimony we heard during that study, which pleaded for the government to protect Canada's interests from foreign interests. One witness testified:
As for overseas investment, besides a few large companies, this is very hard to trace, but there are examples. For instance, you may have heard of the recent scandal with money laundering through gambling and real estate in B.C. We traced one company that has been investing in groundfish and now owns 5.9 million pounds of quota. The director of this company is the same overseas investor named in newspaper articles on money laundering through casinos and real estate in Vancouver.
This testimony was provided to Parliament over four years ago. What is even more troubling is that even though that report was tabled in this House back in May 2019, the same fisheries committee was recently provided an update on the Liberal government's progress in addressing foreign takeovers. That update exposed that the government has failed to prioritize and take actions required to prevent foreign ownership and the control of Canadian fisheries resources that Canadians and Canadian communities depend on.
One key recommendation from that 2019 report stated:
That based on the principle that fish in Canadian waters are a resource for Canadians (i.e. common property), no future sales of fishing quota and/or licences be to non-Canadian beneficial owners based on the consideration of issues of legal authority, and international agreement/trade impacts.
When the committee received an update on the Liberal government's response to that report recommendation, we learned that the Department of Fisheries and Oceans still had no way of knowing who owns what when it comes to west coast fishing licences and quota. The Liberals put out a botched survey to try to find out, but little else has been done to address the issue.
These are just two examples of how the Prime Minister and his government cannot be trusted to do what is right for Canadians' interests. I will say, though, that there are members of this House who can be trusted to provide improvements to legislation, even such as this bill, which was flawed as originally drafted. I would like to recognize and thank my colleague, the hon. member for South Shore—St. Margarets, for the work that he and other Conservative members of the Standing Committee on Industry and Technology have done on Bill C-34 to strengthen it and hopefully deliver some much-needed and overdue protections to Canadians.
At the committee stage, the member for South Shore—St. Margarets recognized the flaws in this bill and, by working with the other opposition parties, was able to get significant amendments passed to strengthen the bill and protect Canadians' interests. Some of those amendments included, number one, that for any state-owned enterprise from a country that does not have a bilateral trade relationship with Canada, the threshold for review by the Government of Canada would be zero dollars, and number two, that any transaction over zero dollars would be reviewed, compared to the threshold now, which is $512 million.
Chinese government-controlled and other foreign entities are buying a lot of assets through sales of under $512 million now, without review. The new threshold, should this bill pass, would be zero dollars to trigger a review. The same would apply for a new concept that was added, which is that all asset sales would need to be included in the test with a state-owned enterprise so that an investment to acquire, in whole or in part, the assets of an entity could be subject to a review.
As I close today in the final minutes of debate before we all return home to our communities to take part in Remembrance Day ceremonies, on behalf of my family and all the residents of North Okanagan—Shuswap, I would like to express my deepest gratitude to the brave members of our Canadian Armed Forces for their service, and express this gratitude to Canada's veterans, many of whom made the ultimate sacrifice for our freedom, and to their families. We will never forget.
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Mr. Speaker, I am glad my colleague from North Okanagan—Shuswap brought up the example of the long-term care homes that have been so problematic in our valley and in our province of British Columbia. The company Anbang, through Cedar Tree and others, perpetuated a situation of very poor care for our seniors: mothers, fathers, grandfathers and grandmothers. The NDP put forward an amendment to make it such that, if a foreign government took over a company after a foreign company had been cleared, as was the case with Anbang Insurance, Canada should act. When the NDP amendment was put forward for this bill, the government members said we could already do that.
Could the member comment on that and whether the government should take immediate steps to take over the company that is taking care of our seniors, since we really do not trust it to do that?
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Mr. Speaker, the member for South Okanagan—West Kootenay is correct. We need to do everything we can to ensure the safety and well-being of our senior citizens, especially those who are in care homes and do not have families to support them.
With respect to the technicalities of exactly what the current government can and cannot do, I would not want to be quoted on that. I believe it is a bit more of a legal decision. However, I agree with the member for South Okanagan—West Kootenay: We need to ensure that there are measures in place to protect against foreign overtake of Canadian companies that serve our citizens. We must make sure that they are well protected.
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Mr. Speaker, I have a very simple question for my colleague. I understand that the review itself has not been updated in a number of years. This is highly significant considering the scope and the likelihood of foreign interference, as we witnessed with China and others.
I have a concern. Our goal is not only economic prosperity, but also to keep our resources as our private preserve. What is missing in this bill that could cause a company to shut down if not for foreign investment? What should the government propose to maintain prosperity and hold on to our natural and human resources? Is this bill missing something?
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Mr. Speaker, we are seeing that, after the inflationary spending of the current government, many businesses are struggling to survive. With the high interest rates that have been created, we are concerned about how many businesses may not be able to do so. However, to quickly sell them off to a foreign entity, which is really just looking to buy up businesses for pennies on the dollar, is not the answer. There should be a way for Canadians to invest in Canadian companies to make sure that those businesses are viable and can continue.
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Mr. Speaker, I certainly appreciate the words of the member of Parliament for North Okanagan—Shuswap, as well as his leadership, particularly when it comes to the fight against aquatic invasive species.
Conservatives know that, if Canada is going to compete for foreign direct investment, we need to have three things right: We need proper investment rules, a competitive tax environment and environmental processes to get big projects done. Right now, the government has struck out on all three.
Conservatives wanted to actually extend an amendment that would allow for our Five Eyes partners, which share not only our values in terms of democracy and legal processes but also our market-based approach. That would have relieved at least one of the three important points that I raised earlier on how to attract direct investment.
What does the member think about the current government's approach when it comes to these three points: taxes, investment rules and environmental processes?
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Mr. Speaker, I want to thank the member for Central Okanagan—Similkameen—Nicola for the question and for his support on something that I am passionate about, the prevention of aquatic invasive species into the Okanagan, Shuswap or any waters in B.C.
On the three points the member mentioned, the current government has certainly failed. We are seeing taxes at higher levels than they have been in years. Inflation is incredibly high. The investment attitude in Canada is not good. We need a common-sense Conservative government that will re-attract business to Canada and allow businesses to profit and prosper.
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Mr. Speaker, I want to thank the hon. member for his recognition of veterans as we approach Remembrance Day.
I want to express my sympathy to the family of Norm Zimmerman, a local resident and World War II veteran. In 1943, he joined the RCAF. I want to express my condolences on behalf of a grateful nation to his son Bruce and to his family.
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- Nov/9/23 4:34:50 p.m.
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Is the House ready for the question?
Some hon. members: Question.
The Deputy Speaker: The question is on the motion.
If a member participating in person wishes that the motion be carried or carried on division, or if a member of a recognized party participating in person wishes to request a recorded division, I invite them to rise and indicate it to the Chair.
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- Nov/9/23 4:35:27 p.m.
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Mr. Speaker, I request a recorded vote.
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- Nov/9/23 4:35:31 p.m.
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Pursuant to Standing Order 45, the division stands deferred until Monday, November 20, at the expiry of the time provided for Oral Questions.
The hon. member for North Okanagan—Shuswap.
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- Nov/9/23 4:35:45 p.m.
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Mr. Speaker, if you seek it, I believe you will find unanimous consent to see the clock at 5:30 p.m. so we can begin Private Members' Business.
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- Nov/9/23 4:35:54 p.m.
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Is it agreed?
Some hon. members: Agreed.
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