So V ote

Context: House Hansard - 302 - Apr/18/24

Apr/18/24 12:57:29 p.m.
Watch

Madam Speaker, the point that the member raised is very important. We are a global leader in artificial intelligence, and Montreal and Quebec play a major role. However, so far, we are dependent on jurisdictions outside Canada for the compute access that is very critical for artificial intelligence. We have now proposed a $2-billion investment so we can provide compute access from within Canada. In addition to that, we have proposed $200 million for AI start-ups and to help companies in other critical economic sectors, such as health care, agriculture or manufacturing, to use and embrace the artificial intelligence that is available.

104 words

Context: House Hansard - 297 - Apr/10/24

Apr/18/24 12:33:27 p.m.
Watch

Madam Speaker, the member talked about Canada's ranking among OECD countries. Does he not also note that Canada is the top among all OECD countries when it comes to per capita foreign direct investment in the last year? He knows very well that this did not happen in a vacuum. It is Canada's focus on climate change, the focus on the generation of clean energy, the availability of good, skilled workers and the overall fiscal prudence the government has shown and the economic stability it has shown. Are these not reasons why foreign companies are still interested in investing in Canada today?

104 words

Context: House Hansard - 283 - Feb/15/24

Apr/10/24 5:43:48 p.m.
Watch

Mr. Speaker, since 2014, Canada has had the third-largest increase in defence spending and ranks sixth among the 32 NATO countries. Recently, we announced that we are going to invest $8.1 billion over the next five years and increase it to about $73 billion over the next 20 years. I would like to ask the member if he can touch upon the recent announcement we made, where we said we are going to invest $295 million into the Canadian Armed Forces housing strategy to build new housing as well as to rehabilitate the existing housing stock. We also announced about $497 million for the electronic health records of the Canadian Armed Forces. Can he touch upon the recent announcement we made that refers to these increases to improve the strength of the Canadian Armed Forces?

137 words

Context: House Hansard - 260 - Dec/1/23

Feb/15/24 12:36:11 p.m.
Watch

Madam Speaker, especially on issues on which highly qualified experts and professionals are giving their opinions, sometimes it may not be possible for everyone in the room to agree on the right answer. That is why the government has invested in consultation. The bill did not come up on its own. It is not just an outcome of the thought process of some bureaucrats sitting in a government building here; it also includes a lot of consultations with Canadians, health care professionals and other experts. Their inputs have also been taken into consideration when formulating the legislation.

97 words

Dec/1/23 11:00:28 a.m.
Watch

Madam Speaker, today is World AIDS Day. This is a global moment to unite people in the fight against HIV and AIDS. World AIDS Day exists to shine a light on the real experiences of people living with HIV today, while celebrating the strength, resilience and diversity of the communities most affected. It is a moment to inspire the leadership needed to create a future where HIV does not stand in the way of anyone's life. I am glad Canada is investing in global health, including funding for AIDS and education, and has other important global investments. Investments in the global fund and working with grassroots communities through organizations like One Canada are foundational to ending AIDS. Canada has made a 10-year commitment to increase funding for sexually transmitted disease control, including HIV and AIDS.

137 words

Oct/26/23 4:39:09 p.m.
Watch
Re: Bill C-34

Mr. Speaker, the hon. member is exactly right. The 15 trade agreements we have signed with 51 countries, covering 61% of the world's GDP, show the world that Canada is an attractive place for foreign investment. We want to attract foreign investments that are strategic, that promote innovation and that provide high-quality jobs in Canada. We are always open to that. However, this particular bill focuses on investments that affect national security.

74 words

Oct/26/23 4:37:01 p.m.
Watch
Re: Bill C-34

Mr. Speaker, we have been very clear that any investment that promotes innovation in Canada is always welcome. A question will only come up if that innovation affects national security. If there are any speculative investments, like the purchase of agricultural land just for the sake of holding it, they too should be looked into. At the end of the day, the ownership of limited and productive resources does constitute a national security threat.

74 words

Oct/26/23 4:35:39 p.m.
Watch
Re: Bill C-34

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.

67 words

Oct/26/23 4:25:03 p.m.
Watch
Re: Bill C-34

Mr. Speaker, I rise today to speak on Bill C-34, an act to modernize the national security provisions of the Investment Canada Act. We have been clear that we will always welcome foreign investments and trade that encourages economic growth, innovation and employment opportunities in Canada. At the same time, we know that economic security is national security. That is why this bill, which will amend the Investment Canada Act, would bring forward improvements so our government can act more quickly when required. This legislation would represent the most significant update of the ICA since 2009 and would ensure that we could address changing threats that can arise from foreign investment. While our government continues to welcome foreign direct investment, we are modernizing the ICA framework to ensure Canada’s continued prosperity while acting decisively when investments threaten our national security. Let me first appreciate the fundamental importance of foreign investments to our economy. Canada has a long history of welcoming foreign capital, businesses and expertise, and this openness has played a pivotal role in shaping our nation's growth. Foreign investments are a driving force behind economic development in Canada. They fuel innovation, stimulate job creation and enhance our global competitiveness. Foreign direct investment has enabled us to harness the expertise and resources of international partners, thereby propelling our own industries forward. These investments result in the creation of well-paying jobs for Canadians and help diversify our economic landscape. Moreover, they facilitate the transfer of knowledge and best practices, fostering innovation and productivity enhancements. While the economic benefits of foreign investment are undeniable, we must not overlook the critical dimensions of national security. Protecting our sovereignty, infrastructure and sensitive data is paramount. National security is not a matter of choice. It is an unwavering obligation of the government to safeguard the interests and well-being of its citizens. Over the years, the interconnectedness of our world has increased exponentially. Technology and the flow of capital have become global, creating unprecedented opportunities but also potential vulnerabilities. We cannot afford to be complacent when it comes to the protection of our national interests. While our commitment to an open and welcoming environment for foreign investors remains steadfast, it must coexist with a thorough evaluation of the national security implications that each investment brings with it. As I said earlier, we welcome foreign investments and trade that encourages economic growth, innovation and employment opportunities in Canada. At the same time, we know that economic security is national security. In my speech during second reading, I had mentioned the importance of economic security. I would like to touch on that again. The importance of economic security in the context of foreign direct investments cannot be overstated. In the pursuit of economic growth, it is essential that we safeguard against any potential threats to our long-term economic security. The economic security part primarily concerns the stability and growth of our economy, while the national security part pertains to safeguarding our sovereignty and protection from external threats. Foreign direct investment is a powerful tool for economic growth, but it must be leveraged in a way that ensures that all sectors of our economy continue to thrive. The steel and aluminum industries in Canada, which are 100% foreign-owned, serve as a compelling example of how a failure to address economic security can potentially result in stagnation and even decline. These industries, dominated by foreign ownership, have seen little to no growth in production capacity over the past two decades. While the rest of the world is expanding its aluminum and steel sectors, Canada's lack of growth and diversification in these areas has hindered our ability to tap into new markets and fully leverage our numerous free trade agreements. In fact, there are hardly any exports from the Canadian steel and aluminum industries outside of North America, even though we have signed 15 free trade agreements with 51 different countries that cover 61% of global GDP. There is a need for a comprehensive approach to foreign investment that addresses not only national security but also the economic well-being of our nation. We must find a balance that encourages investment while ensuring that the growth and diversification of our economic sectors continue to contribute to our long-term economic security. To strike a balance between these economic requirements and national security requirements, we have adopted a comprehensive and multi-dimensional approach to foreign investments. The approach is rooted in a principled and fact-based assessment of each investment proposal. The key elements of our approach include legislation and regulations, a national security review process, risk assessment, proportionate responses, consultation and transparency. There are certain principles that guide our approach to foreign investments and national security. The first is sovereignty and security. Canada's sovereignty and national security are not negotiable. The government is committed to safeguarding the country's interests and ensuring that foreign investments do not compromise its security. The second is openness and partnership. Canada remains open to foreign investments that enhance economic growth and job opportunities. We value international partnerships and the mutual benefits they bring. The third is transparency and accountability. Our approach is characterized by transparency, accountability and due process. Decisions are made based on facts, expert advice and consultation with relevant parties. The fourth is proportional response. The response to national security risks is proportionate to the level of risk identified. This ensures that legitimate and beneficial investments are not unfairly restricted. The fifth is continual adaptation. Our approach is not static. It evolves to address new and emerging challenges. The government remains committed to staying ahead of evolving threats and opportunities. With this act, we are highlighting that Canada's approach to foreign investments strikes a delicate balance between economic growth and national security. We remain committed to welcoming foreign capital and expertise that contribute to our prosperity, innovation and employment opportunities. However, this commitment is tempered by an unwavering dedication to safeguarding our sovereignty and national security. The Investment Canada Act, the national security review process and the guiding principles that underlie our approach provide a robust framework to evaluate foreign investments. Through consultation, transparency and a proportional response to identified risks, we ensure that legitimate investments are not discouraged and national security is upheld. In this era of interconnectedness, Canada's approach is not a mere policy. It is a reflection of our values, our commitment to our citizens and our vision for a prosperous and secure future. We embrace the world while safeguarding our national interests, and in doing so, we strengthen the very foundations of our great nation. The ICA provides for both the net benefit and national security reviews of foreign investments into Canada. It was established to provide investor certainty while reserving Canada's ability to block individual investments under specific circumstances. The act is designed to encourage investment, economic growth and employment, only interceding when an investment is not of net benefit to Canada or would harm national security.

1172 words

Context: House Hansard - 207 - Jun/6/23

Oct/26/23 4:19:52 p.m.
Watch
Re: Bill C-34

Mr. Speaker, I appreciate the amendment to bring the threshold to zero dollars with respect to state-owned enterprises. I would like to ask my hon. colleague's opinion about the investments done by multinational companies where they come and capture an entire sector, as it is today with the steel and aluminum sector being entirely foreign owned. They just become the branch office of the foreign multinationals, focusing only on the North American markets, and never attempting to export the talent, resources and expertise that is available in Canada to the countries with which we have free trade agreements across the world. Does that not also fit into the definition of economic security which, in my view, is the same as national security?

124 words

Context: House Hansard - 201 - May/29/23

Jun/6/23 12:51:05 p.m.
Watch
Re: Bill C-47

Madam Speaker, our budget has made it very clear that the investments we are going to make will be in companies that lead to the clean economy of the future. That has been made very clear and we will continue to stand by it.

44 words

Context: House Hansard - 184 - Apr/25/23

May/29/23 2:00:07 p.m.
Watch

Mr. Speaker, Indo-Pacific region is growing in terms of population and economy. It is also a strategically important region in the current turbulent global situation. The region offers much-needed markets for Canadian exports and a secure place for Canadian investments. Canada has a well-formulated Indo-Pacific strategy. Among other things, this highlights the importance of our relationship with India. India is a growing market for our exports, with pulses today and potential products like small nuclear modular reactors in the future. India is also a secure place for our increasing need to diversify our investments. Our pension funds and the private sector have already invested $84 billion there. India is also the leading source of our much-needed skilled immigrants and a major provider of international students.

130 words

Context: House Hansard - 179 - Apr/18/23

Apr/25/23 10:43:39 a.m.
Watch
Re: Bill C-47

Madam Speaker, this budget builds on the actions taken over the years to support vulnerable Canadians. It also builds on such actions as investing $1.2 billion into artificial intelligence, quantum computing, other advanced technologies and the critical minerals strategy, which was strengthened by the critical minerals infrastructure fund last year. In this budget, we have invested $1.2 billion into space technologies. What is the hon. member's reaction or opinion on the investments the current budget is making into the technologies of tomorrow so that we can secure a place at the forefront of the advanced technologies in the world?

102 words

Context: House Hansard - 167 - Mar/9/23

Apr/18/23 1:02:02 p.m.
Watch

Madam Speaker, let us take the way I personally look at the deficit of $43 billion. For me, as a working Canadian, I do not like credit card loans. However, I do like having a mortgage because it helps me to invest in my long-term future and long-term assets. The deficit we have is basically going towards long-term investments required for Canada so that we can continue to be competitive in this world, improve our long-term transportation network and invest in long-term things required for clean energy growth. Those are the kinds of long-term infrastructure-related investments that are required, and these things are primarily contributing to the deficit we have today.

118 words

Mar/9/23 2:08:20 p.m.
Watch

Mr. Speaker, Invest Ottawa's Nepean-based Area X.O is the first integrated test facility of its kind in North America, featuring technologies for connected and autonomous vehicles, 5G-enabled smart mobility and advanced connectivity applications to help Canadian entrepreneurs fast-track product design, testing, research and development to commercialize products and reach global markets. I am proud that a federal government investment of $7 million was instrumental in the creation of Area X.O. I am pleased to state that, last month, we announced new funding of $5.4 million to expand Area X.O. I will continue to work hard to ensure Canada remains relevant and competitive in the new technology-based economic order so our future generations continue to have the same prosperity and standard of living we have today.

134 words

Feb/3/23 1:30:20 p.m.
Watch
Re: Bill C-34

Madam Speaker, everything that affects Canada's competitiveness, growth, economic security or national security needs to be looked into. Let me be very clear. I am for foreign direct investment. I am for free trade. However, all aspects that affect our national security and economic security need to be looked into.

51 words

Feb/3/23 1:28:56 p.m.
Watch
Re: Bill C-34

Madam Speaker, investment by state-owned enterprises from non-friendly countries obviously needs to be looked very deeply into. I am not sure whether we should have a minimum threshold, but as I said, every single investment by state-owned enterprises needs to be looked into. At the same time, in addition to state-owned enterprises, I also want to highlight investment by global multinational companies in the steel and aluminum sector, as I mentioned, that have made direct investment. One hundred percent of the sector is foreign owned, which is leading to Canadian companies becoming the branch offices of these multinational companies and is curtailing the potential to grow Canadian exports around the world.

115 words

Feb/3/23 1:27:22 p.m.
Watch
Re: Bill C-34

Madam Speaker, in addition to the economic security issues I discussed, my colleagues brought forward others earlier in debate, like the purchase of intangible assets other than the company itself, and some issues that were brought forward by the member from Windsor on the lack of competition resulting in foreign direct investments. These are the kinds of things that need to be considered now. We know this act has not been looked at in, I think, the last 13 years. This is the first opportunity we have and we need to use this opportunity to consider all aspects that are directly related.

102 words