Liberals propose changes to foreign investment screening to protect national security | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Liberals propose changes to foreign investment screening to protect national security appeared on ca.finance.yahoo.com by The Canadian Press.
OTTAWA — The Liberal government is aiming to address evolving national security concerns by proposing several changes to Canada’s investment screening law, including giving broader powers to the industry minister.
Proposed amendments to the Investment Canada Act would require foreign investors to notify the federal government about investments in certain business sectors.
Industry Minister François-Philippe Champagne introduced the changes on Wednesday afternoon.
“While our government continues to welcome foreign direct investment, we need to be vigilant and protect Canadian interests,” Champagne said.
“These new amendments will help bring the act in line with today’s reality while ensuring we can work at the speed of business.”
The changes would give the industry minister the authority to impose interim conditions on an investment and, after consultation with the public safety minister, to order a further national security review of an investment.
With the agreement of the public safety minister, the industry minister would also be able to accept binding undertakings from investors.
Other changes include stronger penalties for non-compliance and allowing Canada to share case-specific information with international counterparts.
There will also be new rules protecting sensitive information during judicial reviews.
Champagne’s ministerial mandate letter directs him to promote economic security and combat foreign interference by modernizing the act to strengthen the national security review process and better address threats posed by investments from abroad.
He was also told to use all tools, including the Investment Canada Act, to ensure the protection and development of Canada’s critical minerals.
Canada sees critical mineral exploration, extraction, processing and manufacturing as key to becoming a global leader in the production of batteries and other clean technologies.
In October, the government announced plans to restrict the involvement of foreign state-owned companies in Canada’s critical minerals sector amid a global rush for the resources and growing tensions with China.
This report by The Canadian Press was first published Dec. 7, 2022.
Nojoud Al Mallees and Jim Bronskill, The Canadian Press
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on ca.finance.yahoo.com by The Canadian Press – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!