Thank you, Mr. Chair.
I won't repeat everything my colleague, Mr. Caron, said, but he mentioned a case that was similar to a situation that happened in my riding of Beauport—Limoilou. The White Birch Paper mill in Stadacona was acquired in 2003 by a foreign investor. It had 1,600 employees at the time; today, there are fewer than 300. The employees, workers and pensioners alike, lost nearly half of their pension fund because of what the so-called investor did.
I would like to remind everyone on the committee that, underneath it all, the market works. But what matters most is not whether it works, but how it works. Once you understand how it works, it is especially important not to lose sight of the fact that the free play of competition is quite easily hampered by a variety of factors, both internal and external.
These are investors. One of the reasons for reforming the Investment Canada Act is, unfortunately, the fact that there are serious flaws and a huge competition problem between investors, or so-called investors, that the act doesn't address in the least. These thieves have no trouble getting their hands on our companies and preventing legitimate investors, both Canadian and foreign, from doing business in Canada. So it's a matter of protecting not only workers and community interests, but also business interests. So the Investment Canada Act needs to be reformed.
Unfortunately, what the government is proposing will make the process symbolic, at best, and virtually eliminate it, at worst. My colleagues in the New Democratic Party share my opinion. And that is one of the reasons why we oppose clause 137. We are concerned about protecting Canada's economic development and interests.
Thank you.