OTTAWA – Changes may be coming to Canada's foreign investment review process just as the government opens the door to more foreign investment in the telecom industry.
The federal government said Friday that it has proposed amendments to the Investment Canada Act that would provide the Minister of Industry with a greater ability to publicly communicate information on the review process, and more flexibility in enforcement.
The revisions would allow the Minister to disclose publicly the fact that he has sent a preliminary notice to an investor that he is not satisfied that the investment is likely to be of net benefit to Canada. They would also permit him to publicly explain his reasons for sending the notice, as long as it would not cause harm to the Canadian business or the investor.
In addition, the amedments would help promote investor compliance with undertakings by authorizing the Minister to accept security, when offered by an investor, for payment of any penalties ordered by a court for a contravention of the Investment Canada Act.
"Canada has one of the best investment climates in the world. Our businesses depend on investment to expand, innovate and create jobs for Canadians," said Industry Minister Christian Paradis, in a statement. "We want our foreign investment review process to continue to promote economic growth, job creation and prosperity in Canada."
