National security concerns prompt bill to modernize foreign investment screening

OTTAWA- The Liberal government says it will make the most significant updates to the federal investment screening law in more than a decade to address evolving national security concerns.

Industry Minister Francois-Philippe Champagne plans to table the proposed changes to the Investment Canada Act later today.

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 protection and development of Canada’s critical minerals.

Canada sees critical mineral exploration, extraction, processing and manufacturing as keys 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.

 

 

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