NEWS: NDP MPs Call For New Fair Foreign Investment for Canada
October 19th, 2004 - 6:38pm
OTTAWA - The NDP Caucus has a number of serious concerns about the proposed sale of
Noranda Inc. to Chinese government owned Minmetals. Today, six New Democrat MPs, speaking on behalf of the NDP Caucus, challenged the Liberal government to properly investigate the sale of Noranda and support the formation of committee to conduct a Parliamentary review of foreign investment in Canada.
“The six of us standing here today have each heard directly from constituents and Canadians who have grave concerns about the sale of Noranda to China’s Minmetals. A litany of questions must be addressed before the government proceeds with the approval of this foreign acquisition,” said Brian Masse, NDP Industry critic.
Also present at the press conference were NDP MPs: Charlie Angus, Ed Broadbent, Nathan Cullen, Yvon Godin and Peter Julian. The MPs called specifically for:
• The creation of a sub-committee (of the Industry committee) to examine issues of foreign
investment, increasing globalization and its effects on the Canadian people;
• The immediate review of the proposed sale of Noranda to be conducted by Investment
Canada, with a report to be tabled in the House by the Minister of Industry; the NDP is asking the Minister to review the acquisition through the lens of human rights, workers rights and regional economic stability.
The current rules for foreign investment in Canada are governed by the Canada Investment Act. Under this act, since 1985, a total of 10,928 foreign acquisitions were reviewed. Stunningly, 87% acquisitions were automatically approved without review and the remaining 13% were reviewed and approved. No proposals brought forward by foreign investors have been rejected.
“I cannot seriously believe that in the past 19 years, every foreign investment in Canada has been in the net benefit to Canada, as the act states they should be,” said Masse. “Human rights, workers rights and the overall economic stability of the regions affected must be taken into consideration.”