Madam Speaker, I spoke in this House on October 21, 2004, when the purchase of Noranda Inc. by a Chinese company was a threat, without the federal government being truly prepared to intervene and without it having adopted an approach to reviewing or analyzing such cases, which reflect the new reality.
Back then, we talked, among other things, about human rights, but we had also talked about the security of supply. In fact, China is now a world power. It is seeking massive investments, particularly in the area of natural resources. With regard to steel, oil and gas or any other natural resource, China wants to ensure that it will be able to supply its massive economy, which is growing by leaps and bounds. We are talking about 8%, 9% or 10% economic growth per year over the past few years, a trend that will continue in the future.
Back then, I called on the Minister of Industry to see if he would take human rights into consideration with regard to his position and his analysis.
Since that time, things have calmed down somewhat. Now, Noranda is negotiating with Minmetals as well as with other groups. Still, the question remains the same. The minister made statements saying he was preparing to propose amendments to the investment act to modernize it, to make it more practical, efficient and effective, which would enable him to take positions that would be clear and would make it clear to countries that wanted to buy from us in this sector in what way their investments would be managed and in what conditions they could expect sales to be finalized.
I have just come out of a meeting with Canadian manufacturers and exporters. They have a very dynamic association that aims to ensure that our export market and our trade in the new international market will develop in the most favourable conditions.
They also want the government to make the rules of the game public as soon as possible. This is really a supplementary question I am asking the department's representative, the parliamentary secretary. Is the federal government going to make up its mind to propose legislation on the topic of foreign investment? The legislation must be dusted off and reviewed. In the end, we might have an appropriate tool to manage our natural resources.
We can see it in practical terms in the petroleum, mining and steel sectors. We can even see it with respect to water. We must be better equipped than we are now in order to face such demands. These demands may come to us from China or other developing countries. It is as if we were still using an old recipe, while the entire working environment has changed.
Is the federal government going to suggest a new recipe, a new way of doing things? Is it going to consult the public and the economic stakeholders in order to create foreign investment legislation that corresponds to 21st century reality?