Mr. Speaker, the multilateral agreement on investment currently being negotiated will protect Canadian jobs and investment in Canada and abroad.
In 1996 foreign investment in Canada grew to $180 billion. Canadian direct investment abroad stood at $170 billion, with an estimated $30 billion in individual Canadian mutual funds invested abroad.
As a trading country, Canada relies on these investments. Our social programs and safety net depend on the success of our economy.
The NDP says that the MAI will kill jobs, but it is wrong. For every $1 billion in new foreign investment 45,000 jobs are created in Canada. NDP members say the MAI threatens Canadian health care, social programs and cultural industries. They are wrong. These items are not and will not be on the negotiating table. They are opposed to the MAI. Those who are opposed to the MAI remind me of someone who cannot go to bed at night because they are worried someone else is still up having a good time.