Mr. Speaker, it was interesting to note the hon. member talking about the budget bill and the lack of debate. We do debate budget bills in the House. It was during the debate of that budget bill that I believe the NDP member for Hamilton Mountain said, “Every single important piece the people in the community were looking for is mentioned”. She said this before she promptly voted against the bill. I am not sure I understand the rationale there, but we did debate it in the House.
I am pleased to rise to respond to the concerns expressed by the member for Windsor West about the ongoing court-supervised process being undergone by Nortel. In our economic action plan, “Advantage Canada” and in budget 2007, the federal government committed to undertake a review of Canada's competition policies and its framework for foreign investment policy.
To deliver on these commitments, in July 2007, the government created an expert panel, chaired by Mr. Lynton Ronald Wilson. The panel conducted extensive consultation and in June 2008 released its final report and recommendations aimed at raising Canada's overall economic performance, through greater competition, to provide Canadians with a higher standard of living.
One of the panel's key recommendations was that we narrow the scope for intervention on economic grounds under the Investment Canada Act. The panel also found that it would be in Canada's best interest in a post-9/11 world to incorporate a national security test into the act. Of course the hon. member referred to that. We moved very quickly to address these and other key recommendations in the report. Last winter, the Budget Implementation Act brought about reforms to the Investment Canada Act, including a national security review mechanism.
Before the passage of this legislation, Canada was the only major developed country in the world that did not have the legislative authority to review foreign investments on the basis of national security concerns, but now we do. With respect to the acquisition of Nortel's CDMA and LTE assets by Ericsson, the government did examine the national security implications of this transaction. The Minister of Industry consulted with the Minister of Public Safety and based on all of the information presented to the Minister of Industry, there are no grounds to believe that this transaction could be injurious to Canada's national security.
It is worth noting that Ericsson has had operations in Canada for over 56 years. It has invested over $2 billion in research and development in Canada over the past 10 years and it employs over 1,900 Canadians. Further, Ericsson has guaranteed that it will maintain employment levels in Canada. In point of fact, as of today, all but four of Ottawa-based Nortel employees have signed on with Ericsson. Further, Ericsson plans to hire 100 new employees for the Ottawa facility in the near future.
The member opposite wants the government to ignore the law and invoke arbitrary protectionism. If we did this, foreign investors would quickly lose confidence in Canadian law and leave Canada behind. Foreign investment is an important driver of economic success. It stimulates job creation, technological development and economic growth. We must therefore be cognizant of sending the strongest possible signal to investors around the world that Canada is a safe and stable place to do business.