Madam Chair, the COVID pandemic has left many Canadian companies vastly undervalued and therefore vulnerable to foreign takeovers by hostile regimes. Such takeovers represent significant risks not only to our national sovereignty but also to our national security. Even NATO and the European Union have recently warned of this danger as countries like China buy up stressed assets all around the world.
The last time the Investment Canada Act was strengthened was under Stephen Harper, when we placed tougher restrictions on investments from state-owned foreign investors. That was a vast improvement, but times have changed. With the COVID pandemic, the threat of losing our economic sovereignty has only increased.
Will the minister commit today to conducting a full review of the Investment Canada Act, yes or no?