The Trudeau administration wants to revise the Investment Canada Act to better screen foreign investments in the country thanks to a bill presented on Wednesday.
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In particular, the new law, if passed, would allow ministerial powers to extend a review, impose conditions or accept national security commitments for investments.
The new rules would also make it easier to share information with other countries, while stiffer fines would be imposed on companies violating the Investment Canada Act.
“While our government remains open to foreign direct investment, it must remain vigilant and ensure Canada’s interests are protected,” said François-Philippe Champagne, Minister for Innovation, Science and Industry.