Mr. Speaker, before I begin I would ask my colleague to table the documents which he suggests he has in his hand.
The Government of Canada recognizes foreign investment plays a very important role in the Canadian economy. Foreign investors bring knowledge, capability, technology and can increase the productivity, efficiency and competitiveness of Canadian firms. These investments frequently help Canadian based companies to expand and create new jobs in Canada. Canadians have benefited greatly from opening the country's borders to trade and investment.
Since we recognize the importance of investment flows into Canada, Canada has a broad framework in place to promote trade and investment while at the same time protecting Canadian interests. The Investment Canada Act is a key part of the framework and it has been modernized to reflect our changing international commitments.
The Investment Canada Act provides a mechanism to review significant acquisitions of Canadian enterprises by non-Canadian companies and to determine if they will show a net benefit to Canada.
The factors considered as part of a net benefit test are listed in the Investment Canada Act. They include such considerations as the effect of investment on level of production, employment, competition in Canada and compatibility of investment with our economic and cultural policies.
The Minister of Industry is responsible for the Investment Canada Act. In this capacity he can negotiate enforceable commitments with investors during the review process to shape an investment and a deal in such a manner that it would provide a net benefit to Canada. Industry Canada's officials work closely with potential investors to negotiate these commitments. They also consult with other federal government departments and provinces to maintain the views and concerns that are relevant to the acquisitions.
I can assure the member that any investment reviews conducted under the Investment Canada Act are done with so much vigour that we ensure Canada's interests are protected.
The member should also be aware that any Canadian operations of foreign enterprises are required to conform to all Canadian rules and regulations. These include, but are not limited to, legislation related to labour relations, environmental protection and corporate reporting and accountability.
In conclusion, Canada wants and needs foreign investment. However, I can assure this House that acquisitions by foreign investors are only approved where they demonstrate a net benefit to Canada.