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Government Must Address Deficiencies in Foreign Investment Rules

Government Must Address Deficiencies in Foreign Investment Rules

Posted on August 24, 2012

REGINA— Liberal Deputy Leader Ralph Goodale made the following statement today regarding China National Offshore Oil Corporation’s (CNOOC) Nexen takeover bid:

“I agree with the prime minister when he notes the significant implications to Canada’s economy posed by the CNOOC bid, but the uncertainties surrounding foreign investment are allowed to persist precisely because this government has yet to address the deficiencies within Canada’s foreign investment laws. For years the Harper Conservatives have been unable to answer a simple question: When evaluating a foreign takeover, what constitutes a ‘net benefit’ to Canadians?

We must encourage foreign investment, but this government needs to be far more transparent in how it does so, and it must fight for the notion of reciprocity in the countries whose business entities propose to takeover Canadian-owned businesses. If they can invest in our country, what are the terms and conditions upon which we can invest in their country?

Liberals have been calling on this government to address these persisting issues within Canada’s foreign investment rules since 2010. They must do so immediately so that Canadians can have confidence that the public interest is being served.”

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