Mr. Speaker, in an age of integration, harmonization and deregulation, I believe the time has come to have an open and frank debate about the level of foreign ownership in Canada.
Foreign investment has had positive effects, improving our standard of living and economic output. Foreign ownership, however, has resulted in key sectors of the economy being controlled by non-Canadian interests.
Since the investment review division's records were begun in 1985, until June 2002 there had been a total of 10,052 foreign takeovers, of which only 1,394 were actually reviewed. Not a single takeover application has ever been rejected.
It has been pointed out by author Mel Hurtig that “excessive foreign ownership leads to hollowing out--cities without head offices or corporate leaders”.
A Decima poll showed that 72% of Canadians opposed foreign ownership in the media and telecommunications industries, 60% in the telephone industry and 66% in the newspaper industry. In a recent Maclean's poll, 81% of Canadians agreed that Canadian ownership of businesses operating in Canada was necessary in order to maintain a strong Canadian identity.
Canadians have made clear their views. It is time to engage them in the wider debate.