Mr. Speaker, I will be splitting my time with the Minister of State for Small Business and Tourism.
Our Conservative government has a strong record of standing up for the Canadian economy at home and abroad and for Canadian values and interests on the international stage.
Investment from our international trading partners plays an important role in the Canadian economy. Indeed, investment is critical to our economy. It helps Canadian companies find new capital and enables them to expand, innovate and create jobs for Canadians for our neighbours. That is why we have a broad framework in place to promote trade and investment, while protecting Canadian interests.
The Investment Canada Act provides a sound and tested process to review significant acquisitions of Canadian enterprises by non-Canadian companies to determine if they are likely to be of net benefit to Canada. While a company files an application for review under the Investment Canada Act, the Minister of Industry will conduct a thorough review of the proposed investment. Under the act, where any investment, including the one the hon. members opposite mentioned, is subject to review, the Minister of Industry must approve an investor's application for review before an investor can implement an acquisition. An application for review is only approved where the Minister of Industry is satisfied, based on the plans, undertakings and other representations of the investor, that the investment is likely to give net benefit to Canada.
In making that determination of net benefit, the minister considers the factors listed in section 20 of the act.
Among these factors is the effect of the investment on the level and nature of economic activity in Canada, including the effect on employment, on resource processing, on the utilization of parts, components and services produced in Canada and on exports from Canada. Another factor is the degree and significance of participation by Canadians and Canadian business, or new Canadian business, and in any industry or industries in Canada of which the Canadian business or new Canadian business forms or would form a part. Another factor is the effect of the investment on productivity, industrial efficiency, technological development, product innovation and product variety in Canada. Another is the effect of the investment on competition within any industry or industries in Canada. There is also the compatibility of the investment with national, industrial, economic and cultural policies, taking into consideration industrial, economic and cultural policy objectives stated by the government or legislature of any province likely to be significantly affected by the investment. Also there is the contribution of the investment to Canada's ability to compete in world markets.
The review process under the act is clearly rigorous. As part of the process, the minister must, and does, consider the view of a variety of stakeholders and consult affected provinces or territories, as well as other government departments. In addition, as noted by the opposition, any member or group that has a view on any specific investment proposal may express its views, which will be welcomed during the review process.
Also, for every investment by an SOE, regardless of its source, as part of the assessment of the factors in the act, the Minister of Industry considers the extent to which a company is controlled by a state and whether it operates on a commercial basis.
During the review process, investors generally provide plans and undertakings to support their view that their investments are likely to be of net benefit to Canada.
The act sets out protections for the information obtained from an investor or Canadian business. This protection enables us to obtain the information we need from the business involved in the transaction. This data is essential to conducting a thorough review, while preventing the harm to the investor and Canadian businesses and jobs that could come from disclosure.
We are pleased by the interest of Canadians in this process and endeavour to provide information whenever possible. The minister will take the time necessary to conduct a thorough and careful review of CNOOC's proposed acquisition of Nexen and will not approve it unless satisfied that it is likely to be of net benefit to Canada.
Our Conservative government has a clear track record of listening to Canadians on what matters most of all to us: jobs, economic stability and safe communities. That is why we have demonstrated such strong economic growth, job creation and prosperity in Canada.
In contrast, the NDP still clearly favours reckless economic policies, such as the carbon tax, that would deter investments, kill jobs, raise the price of gasoline by 10¢ a litre and hurt—