Canada’s process for reviewing foreign investments is too opaque, and protects neither our economic nor our national-security interests.
Ottawa should therefore follow Washington’s lead and create a system wherein certain transactions must be cleared before an investment is ever made.
The timing couldn’t be better: Earlier this month, Innovation, Science and Industry Minister François-Philippe Champagne announced a review of Canadian’s Competition Act. The minister should leverage this moment to create a tailor-made solution for foreign investment reviews, as well.
Rather than prioritizing national security, the current regime is more concerned with investors. Canadian companies and their advisers would all benefit from a more transparent system with clearer rules and reasons for decisions.