Thank you, Madam Chair.
I'll just start by addressing Mr. Walmsley. Twenty years ago at the University of Manitoba's industry liaison office it was actually part of my job to work with Dr. Younes's patents related to the Winnipeg ventilator. So it's really nice to hear about him because he made such a tremendous contribution to the U of M and a certain blond MP's early career. That's pretty cool. But I digress.
Our scope of work right now, per the notice of meeting, is the Canadian response to the COVID-19 pandemic. One of our witnesses made the comment about helping to ensure that Canadian companies remain Canadian, which I think is really important. The COVID-19 crisis has precipitated reports of significant devaluation of companies that hold strategic Canadian assets, including significant intellectual property, natural resources and more. In turn, there have been questions raised as to whether the current threshold should trigger a net benefit review under the Investment Canada Act...need to be adjusted, as well as what types of purchases of Canadian companies and strategic assets by state-owned enterprises by authoritarian countries should be tolerated. I think this issue is important. It should be looked into objectively immediately and it is directly material to the business of reviewing the Canadian response to the COVID-19 crisis.
Therefore, I move:
That, given the House motion made last week granted the committees power to study outside their usual scope, the Standing Committee on Industry, Science...and Technology conduct a study on [the] Investment Canada Act; that this study determine the extent to which companies within strategic Canadian industries have been devalued as a result of the COVID-19 crisis; the extent to which foreign buyouts may occur; determine whether the current Investment Canada Act valuation thresholds [are] adequate to trigger a net benefit review given the potential extreme devaluation of companies within strategic Canadian industries; determine whether Canada should place a temporary moratorium on acquisitions from state-owned enterprises of authoritarian countries; that this study consist of no less than four meetings; that this study be completed by June 21, 2020; that the Committee table its findings; and that the Government table a comprehensive report.
Thank you, Madam Chair.