Thank you.
Bill C-34 doesn't do anything to trigger a national security review when purchases of strategic assets are made—such as IP data, mines, land or machinery—separate from the actual company itself. The current amendment seeks to expand the application of what constitutes an investment that is injurious to national security by expanding the application of a national security review to any acquisition of an asset made by SOEs of a Canadian business.
While Bill C-34 allows for the minister to conduct a national security review of acquisitions by non-Canadian companies, the bill does nothing to trigger a security review when strategic assets are purchased by a state-owned enterprise. The concern is supported by much of the evidence presented at INDU during the committee study and by witnesses on this bill. For instance, Jim Balsillie recommended that the bill should do more to protect assets deemed critical to Canada's security and prosperity by broadening the focus of any review to include assets of strategic technologies and industries.