Mr. Speaker, it is a real privilege to be able to join this afternoon's debate to talk about the opposition day motion. Those who know me know that, over my seven years of serving as a member of Parliament, I love opposition day motions because it is an opportunity for members on the government side of the House to critique the text and the policy ideas that are being put forward by the opposition members. Of course, today is no exception to that.
I want to start by giving an opportunity to Canadians at home to understand what the government announced this week, because it is a core element of what the opposition has put forward. In its view, what we have put forward is not a good policy idea. I think the role of Canadian parliamentarians is to explain the policy positions and the ways in which we would handle government, and let Canadians decide who they think is best able to handle the current circumstances.
This week, the Prime Minister announced the Canada Strong fund. This is Canada's first national sovereign wealth fund. It is an initial allocation of $25 billion from the government. Canadians at home might ask what a sovereign wealth fund means and what is the intention of the government in trying to move forward with this policy initiative.
First, I think it is important to understand that the government has an intention of catalyzing a trillion dollars' worth of investment spending in this country over the next five years. I will repeat that: The government has an intention of spending and catalyzing private sector investment to $1 trillion. That is a large amount. I dare not doubt that for many people, parliamentarians in this House or Canadians at home, it is hard to understand the quantum of what that is, but that is a large investment in Canada's future.
Of course, we have seen that reflected in the government's work to help establish the Major Projects Office, to look at identifying major projects of national interest and look at the work we can do to remove some of the regulatory barriers to be able to streamline processes, get shovels in the ground, draw in global investment and make that happen.
I have observed, and I am on the record in my time as a member of Parliament since 2019, that as the government looks to incentivize the private sector to come and spend in the country, as we are putting public money on the table, Canadian parliamentarians on all sides of this House have identified that there is an important mechanism about public interest return. We can become equity stakeholders, and by “we”, I mean the government, as in Canadians. The beneficial economic derivatives of these projects can be used to support social programs and to support the types of national interest projects that we may wish to advance as a country in the days ahead.
Of course, when we invest in projects, for example if we build what Enbridge is committing to do in British Columbia, a $4.4-billion natural gas pipeline, that comes with intrinsic benefits in terms of wages, which would support Canadian households. There is taxation on that, which would then support social programs that the government puts on. We could look at the construction jobs. We could look at the economic imports or perhaps royalties in terms of natural resources that are being developed in Canada. That is a broad macroeconomic benefit that would support the country.
However, if the Canadian government were to invest or be an equity partner in these types of projects that return important revenues and economic benefits, not only for private stakeholders but for the government, there would be an opportunity to grow the wealth that the country has overall.
Many Canadians would point to Norway as a prime example, the way Norway has been able to use its natural resource endowments to create a fund that is larger than $1 trillion. I do not have the exact figure, but I know it is north of $1 trillion. That is because the Norwegian government, back in the 1980s, decided that it would be an equity stakeholder in projects of national interest in its country. Now Norwegians, as a country and as a society, have a sovereign wealth fund that is over $1 trillion.
We believe that the government here in Canada can do the same thing. We believe that we can draw in investments. We believe this Canada sovereign wealth fund can be a mechanism to take small but meaningful equity shares in projects that are going to matter to the country, that are going to create an economic return, and that Canadians themselves can participate in. Canadians can essentially be bondholders. They can take out an equity stake and invest in the Canada sovereign wealth fund themselves. That way, Canadians across this country, from coast to coast, can help build a country that they are proud of. If they have some additional disposable income, they can put it into the sovereign wealth fund.
Of course, as the parameters are established, the fund would allow for Canadians, if they were to pull out their investment from the sovereign wealth fund, to have an interest-bearing benefit in terms of that time. As the sovereign wealth fund grows and the projects bring back economic revenues, this fund that Canadians could draw upon to invest in ourselves and our people is something we could move forward on.
It has been interesting to hear the Conservatives take such a narrow and negative view of the benefits of what this type of fund could create. For example, the text of the motion says, “sovereign wealth funds must have wealth that comes from budget surpluses and resource revenues.” We certainly have resource revenues in this country.
I point to the examples of perhaps some of the most successful wealth funds in the world: in Norway, the United Arab Emirates or some of the gulf countries. Every single one of those sovereign wealth funds started with the same principles as the Government of Canada is using today. They allocated and put in an initial ability to put money up front, and then they built out their fund as they continued to invest in economic projects around the world. We have a tremendous opportunity to do the same.
Canadians watch what the government is seeking to accomplish. We have had the one-year anniversary since the mandate of our new Prime Minister in his seat. We are focused on delivering for Canadians, but it must be said with pride, regardless, so to speak, of the colour of jersey we wear in the House, that Canada has what the world wants.
I have had the opportunity, as the Parliamentary Secretary to the Prime Minister, and as all parliamentarians have, to engage with diplomatic leaders from other countries, including ambassadors and high commissioners who are in Ottawa representing their country. Across the board, when we sit down with diplomatic representatives such as high commissioners or ambassadors, they say that they want more of what Canada has.
We can look at what is happening right now in the Middle East, with all the uncertainty created by the blockade of the Strait of Hormuz. Countries want what Canada has from an energy perspective. We are focused on building out Canada's energy sector and being able to get product to international markets. That is one way in which Canada can continue to fuel the world.
We talk about agriculture. I represent Kings—Hants in the Annapolis Valley, the largest agricultural riding in Atlantic Canada, though we may be small potatoes, so to speak, compared to the larger, sometimes prairie-heavy ridings, where we know a lot of the export focus in this country happens. I have enjoyed the working relationship I have with the Premier of Saskatchewan and have spent a lot of time in Western Canada. I believe in what prairie farmers mean to our Canadian economy and identity, and in what they do to feed the world every single day. We are proud of that.
We also think about critical minerals. Again, whether seen through a lens of defence or one of clean energy, Canada's critical minerals are going to be what help shape the economy of today and tomorrow. That is what the government is focused on.
The Canada Strong fund will allow Canada to take those equity positions I am talking about, help advance major projects across this country and create long-term benefit for Canadian people. The Prime Minister said that this “will be [the] people's fund.” This is an opportunity to invest in Canadians individually and our country and society as a whole.
Of course, the Canada Strong fund is one of the many measures that the government introduced in the spring economic update. I would be remiss if I did not take some time to highlight the connectivity between the Canada Strong fund and the other initiatives we are putting on the table to help make our economy more resilient in the days ahead.
First I will give some facts, because we can look at the text of the opposition day motion. The House leader, in question period earlier today, highlighted that essentially there were 33 questions of the exact same ilk from the opposition benches. There was no deviation from the type of questions.
Let me take a moment to say as a parliamentarian, taking my parliamentary secretary hat off for a moment, that I think this is troubling. Yes, there should be a national line of questioning from opposition members. Perhaps the first two or three rounds ought to be about the macroeconomic issues of the day and holding the government to account, of course. However, when do individual members of Parliament from His Majesty's loyal opposition stand up to talk about the issues that might matter in their constituency? I cannot remember the last time there were actually questions on specific, directed issues that were being asked of government ministers. It is very rare or does not happen.