Mr. Speaker, I would like to start by reaffirming our government's commitment to welcoming foreign investment in Canada that particularly benefits Canadians. Foreign investment is crucial to the Canadian economy and for prosperity in Canada. It introduces new technologies and practices that promote growth, employment, and innovation here at home. It brings some of the most productive and specialized firms in the world to Canada and it results in some of the highest-paying jobs for Canadians.
The budget implementation act introduces measures to remove the non-resident ownership restrictions on Nordion under the Nordion and Theratronics Divestiture Authorization Act. Removing these restrictions allows the company to seek other avenues to succeed.
That said, any specific proposal by a foreign investor to acquire control of Nordion is subject to the Investment Canada Act and to approval. I understand that Sterigenics has indicated that it will file an application for review under the Investment Canada Act.
As the hon. member for Halifax West knows, the minister approves an application for review only when he is satisfied, based on the plans, undertakings, and other representations of the investor, that the investment is likely to be of net benefit to Canada.
In making his determination of net benefit, the minister considers the factors listed in section 20 of the act. These include, one, the effect of the investment on the level and nature of economic activity in Canada; two, the degree and significance of participation by Canadians in the Canadian business or new Canadian business; three, the effect of the investment on productivity, industrial efficiency, technological development, product innovation, and product variety in Canada; four, the effect of the investment on competition within any industry or industries in Canada; five, the compatibility of the investment with national industrial, economic, and cultural policies; and six, the contribution of the investment to Canada's ability to compete in world markets.
The review process under the act is rigorous, and as part of the process, the minister considers the views of a variety of stakeholders. He consults affected provinces or territories as well as the federal department with policy responsibility for the sector involved.
In addition, any person or group that has a view on a specific investment proposal may provide those views to the minister during the review process.
Our government's balanced approach ensures foreign investment transactions are reviewed on their merits, based on the long-term interests of Canadians. I would like to reassure my colleagues in the House that Sterigenics' proposed acquisition of Nordion will be reviewed thoroughly and carefully. It will not be approved unless the minister is satisfied that it is likely to be of net benefit to Canadians.
I would like to thank the member for the opportunity to discuss these points and I hope that the six points added some clarity for people watching the debate at home.