Hon. Pamela Wallin, pursuant to notice of May 30, 2023, moved:

That the Standing Senate Committee on Banking, Commerce and the Economy be permitted, notwithstanding usual practices, to deposit with the Clerk of the Senate a report relating to its study on business investment in Canada, if the Senate is not then sitting, and that the report be deemed to have been tabled in the Senate.

Hon. Pamela Wallin: Honourable senators, I give notice that, at the next sitting of the Senate, I will move:

That the Standing Senate Committee on Banking, Commerce and the Economy be permitted, notwithstanding usual practices, to deposit with the Clerk of the Senate a report relating to its study on business investment in Canada, if the Senate is not then sitting, and that the report be deemed to have been tabled in the Senate.

Hon. Pamela Wallin: Thank you very much, Senator Galvez.

I appreciate the question. I’m glad that you are taking notice of our work, and we were glad to have you there last week sitting in at committee.

We are, indeed, looking at why Canada, with one of the largest energy-based economies in the world, is seriously lagging other countries in attracting investment. We are hearing repeatedly from private Canadian companies why they are not investing here — too much politics, too much red tape. The same concern is coming from foreign capital, making it reluctant to invest unless the government offers up millions or in some cases billions in incentives.

The problem with the subsidy approach for us, regardless of what sector you are looking at, is that it is costly and it too often offers only short-term gain.

One of our witnesses, James Hinton, an intellectual property lawyer and part of Own Innovation, explained:

You can’t just fund your way into economic prosperity. For example, in clean technology, we own less than 1% of the global intellectual property. So unless you recognize the existing position of Canadian firms and intentionally ensure that Canadian-owned IP and data assets are part of the clean-tech value chain, you are initiating a generational wealth transfer out of the country because 99% of the foundation is already owned.

We see similar examples with Volkswagen and Ericsson — billions in subsidies without any assurances that the IP stays in Canada. Jobs are created, but what we’ve also heard from witnesses is that the jobs model — and this has been referred to frequently — is not one that incentivizes the private sector to come to the table and invest in Canadian companies as partners sharing IP.

The jobs model secures activity in the country, and it may even help shift activity toward renewables, but it is not an investment strategy that will work in the future.

The U.S. IRA strategy is putting billions into clean growth, repatriating production that was offshored. Ottawa’s approach is, “Well, frankly it is hard to compete with big spenders and with countries that have no carbon tax.”

Many of our witnesses have talked about an attitudinal issue — and I think that this troubles us all — that we tend to be risk‑averse in this country. That too must change. Our start-ups are more likely to sell than grow, so they do not even look to secure their own IP.

Whether it is green technology, clean technology, agricultural technology, communications technology or even artificial intelligence, or AI, we need to have a strategy that will do more than create branch-plant jobs.

Hon. Pamela Wallin, pursuant to notice of April 25, 2023, moved:

That, notwithstanding the order of the Senate adopted on Thursday, December 16, 2021, the date for the final report of the Standing Senate Committee on Banking, Commerce and the Economy in relation to its study on matters relating to banking, trade, commerce and the economy generally, as described in rule 12-7(10), be extended from June 30, 2023, to December 31, 2025.

Hon. Pamela Wallin: Honourable senators, I give notice that, at the next sitting of the Senate, I will move:

That, notwithstanding the order of the Senate adopted on Thursday, December 16, 2021, the date for the final report of the Standing Senate Committee on Banking, Commerce and the Economy in relation to its study on matters relating to banking, trade, commerce and the economy generally, as described in rule 12-7(10), be extended from June 30, 2023, to December 31, 2025.

Hon. Pamela Wallin, pursuant to notice of February 9, 2023, moved:

That the Standing Senate Committee on Banking, Commerce and the Economy be permitted, notwithstanding usual practices, to deposit with the Clerk of the Senate a report relating to its study on the state of the Canadian economy and inflation, if the Senate is not then sitting, and that the report be deemed to have been tabled in the Senate.

Hon. Pamela Wallin: Honourable senators, I give notice that, at the next sitting of the Senate, I will move:

That the Standing Senate Committee on Banking, Commerce and the Economy be permitted, notwithstanding usual practices, to deposit with the Clerk of the Senate a report relating to its study on the state of the Canadian economy and inflation, if the Senate is not then sitting, and that the report be deemed to have been tabled in the Senate.

Hon. Pamela Wallin, pursuant to notice of October 26, 2022, moved:

That the Standing Senate Committee on Banking, Commerce and the Economy be authorized to meet on Tuesday, November 1, 2022, at 6:30 p.m., to hear from the Governor of the Bank of Canada, even though the Senate may then be sitting and that rule 12-18(1) be suspended in relation thereto.

She said: Honourable senators, I just want to make the obvious statement that it is the responsibility of the Banking Committee to monitor the activities of the Bank of Canada. We have just had the latest increase — number six — in interest rates announced by the Bank of Canada. The Monetary Policy Report is coming out. This is, at least, a semi-annual meeting that we have with the Governor of the Bank of Canada. I think it is important that he’s held to account, and, therefore, we would like to proceed with this meeting.

We have checked with his schedule to see if any other times are available. They are not. Hence, I’m asking for the support of the chamber to conduct this meeting. Thank you.

Hon. Pamela Wallin: Honourable senators, I give notice that, at the next sitting of the Senate, I will move:

That the Standing Senate Committee on Banking, Commerce and the Economy be authorized to meet on Tuesday, November 1, 2022, at 6:30 p.m., to hear from the Governor of the Bank of Canada, even though the Senate may then be sitting and that rule 12-18(1) be suspended in relation thereto.