Mr. Speaker, I am pleased to respond to the comments made earlier by the hon. member for Calgary Shepard concerning foreign investment in Canada.
First, I would like to point out that foreign investment plays an important role in Canada's economic development. Our government looks favourably on foreign investment when there is a net benefit to Canada. At the same time, our government takes seriously its responsibility to protect Canadians against threats to national security.
The Investment Canada Act is an integral part of the framework that supports these two objectives. Under the provisions of the act, the Minister of Innovation, Science, and Economic Development examines and approves significant foreign investments before they are made. Only when the minister is satisfied that a foreign investment is likely to be of net benefit to Canada will it be approved.
Furthermore, the strong national security provisions of the act state that any foreign investment, no matter the size or origin, requires a national security review to guarantee that the investments are not injurious to Canada's national security.
The national security review process begins as soon as the minister is informed of an investment. Investors must supply a large amount of detailed information about themselves, including their business activities, their principals, and the possibility of foreign state influence.
In accordance with the act, Canadian security organizations thoroughly analyze all the information provided by the investor, as well as additional evidence and information. These organizations are the Department of Public Safety and Emergency Preparedness, the Royal Canadian Mounted Police, the Canadian Security Intelligence Service, the Communications Security Establishment, and the Department of National Defence.
The hon. member referred to a contract in Australia for the construction of a children's hospital. I cannot speak to the execution of that contract, but I can confirm that the proposed acquisition of the Canadian company Aecon is under review pursuant to the national security provisions of the Investment Canada Act.
As indicated in the guidelines on the national security review of investments, which our government published in December 2016, Canadian security agencies carefully evaluate many factors during a national security review, including potential risks to Canada's defence capabilities and interests, the transfer of sensitive technology, and the security of Canada's critical infrastructure, as well as any impact on Canada's international interests, or potential links to terrorism or organized crime.
The legislation provides a strong, evidence-based regulatory framework for reviewing foreign investments in order to determine the net benefit to Canada and the potential risks to national security, and we are following that process. Foreign investments are made in Canada only after careful review of the evidence and consideration of the professional advice from our security agencies.