Madam Speaker, I am pleased to rise in my place to respond to the concerns expressed by the hon. member for Windsor West regarding investment in Canada and its impact on the Canadian economy.
In the original question, the hon. member claims that we are selling our companies to foreign speculators. Let me remind him that based on recent StatsCan data, many Canadian investors buy foreign-owned companies. In fact, over the past several years, Canadian companies invested more abroad than foreign companies have invested in Canada. In 2008 foreign-direct investments in Canada reached $505 billion, while Canadian investments abroad reached $637 billion.
Erecting barriers and restricting entry into the Canadian economy is not an approach that will ready Canada for the challenges ahead. In order to ensure that Canadian firms prosper domestically and continue to have access to investment opportunities abroad, it is important to adopt policies that encourage trade and investment. Investment, innovation and adaptation fostered by openness and competition are the primary drivers of productivity growth of our nation. Our ability to make the best use of our resources will determine our capacity toward improving Canada's standard of living.
We live in an era of economic globalization, characterized by new, enabling information and communication technologies, a substantial decrease in transportation costs, and an increasing number of countries open to trade and investment. Canadians need to adapt to a global market and take advantage of each opportunity, including deriving benefits from foreign investment.
There is no doubt that foreign investment is important for Canada's economy, as foreign companies introduce new technologies, ideas and skills, as well as new capital investment into our economy. A high level of investment from abroad is a signal that investors view Canada as a good place in which to do business. It also indicates that our business culture is open to new ideas, skills and leading-edge practices, and it is a vote of confidence in the business environment and the quality of the country's businesses.
Canada's economic success will be determined by how well we deal with the forces that are driving globalization. The hon. member for Windsor West is proposing more protectionism and suggesting that we close our economy to foreign investment and turn our back to potential opportunities for growth. This is not a viable option in a globalized world. Following such an approach will harm our ability to compete worldwide and hurt Canada's economic growth.
It is almost universally known that openness to international trade allows both citizens and firms to enjoy the benefits of competition and choice. We cannot turn back the clock. We must look forward. The government is proposing more openness to trade and investment. This will create more opportunities for our companies to access worldwide markets and provide Canadians with more and innovative new products and lower prices.
In the 2010 budget, the government committed to removing the existing restrictions on foreign ownership of Canadian satellites. This will allow firms to access foreign capital and know-how, and to invest in new and advanced technologies.
In closing, foreign investment contributes positively to our economy and is critical to Canada's long-term growth and prosperity. Ultimately, these investments lead to higher living standards for Canadians through better paying jobs, more innovation, more international trade, increased domestic competition, and lower prices to consumers.