Mr. Speaker, after a careful examination of the Nortel-Ericsson transaction, the minister determined that based on provisions of the act, the sale of Nortel's CDMA and LTE assets to Ericsson is not subject to a net benefit review under the Investment Canada Act because it does not meet the economic threshold for review under the act.
In terms of national security, the Investment Canada Act stipulates that a foreign investment, regardless of its dollar amount, can be reviewed.
As I have said, the Minister of Industry, after consultation with the Minister of Public Safety and the Minister of Foreign Affairs, concluded that there is no basis for review of the Nortel-Ericsson deal for national security concerns.
We must ensure that Canada is open for investment and for new jobs and new opportunities. We must ensure that around the world, Canada continues to be seen as the best place in the world to do business.