Madam Speaker, the member brings up very valid points about investment in Canada.
I will read from an article from Bloomberg today, which states, “Unlike portfolio investment, foreign direct investment is considered a stable source of funding that comes with the additional benefits of a transfer of know-how. Instead, an increasing amount of Canada’s funding needs are being met by short-term funds denominated in foreign currencies”, meaning loans, “which makes the country more vulnerable to a sudden loss of interest from foreign investors.” Bloomberg is saying that Canada is relying on debt for growth and not foreign investment.
It notes in this article that the amount that the Government of Canada is giving Kinder Morgan to buy Trans Mountain is greater than the entire investment in Canada in the last quarter of last year. Bill C-69 is only going to pile on the flight of capital from Canada.