Prime Minister Justin Trudeau wants to make Canada a global leader in the production of batteries for electric cars, and has asked for a review of investment legislation to protect industry from hostile foreign investors.
Mr. Champagne has been directed to modernize the Investment Canada Act to protect the rare-earth mining sector and enact stronger measures to “mitigate economic security threats from foreign investment.” Canada is the only member of the Five Eyes intelligence-sharing alliance, which also comprises the U.S., Britain, Australia and New Zealand, that has not blocked or restricted Huawei from their 5G networks. The U.S. says Huawei is a national-security risk because it must follow the orders of China’s ruling Communist Party.
The Canadian Indo-Pacific strategy is being crafted in the wake of the worst rupture in relations between Ottawa and Beijing in half a century and while memories are still fresh on how China reacted to the arrest of a Huawei executive at the Vancouver International Airport. Beijing arbitrarily jailed two Canadians – Michael Spavor and Michael Kovrig – for more than 1,000 days and imposed trade restrictions on Canadian exports.
The Finance Minister’s letter includes “driving a plan for long-term growth” and restates several of the main tax-related pledges made by the Liberals during this year’s election.
That is great news.
This should include not allowing USA share activists to buy their way onto board of directors and force a sale of the business costing jobs and intellectual property.
Trudeau was warned his new project assessment regime would kill investment and projects for Canada’s natural resource industries. 🤷♂️ BillC69
Too long overdue to be a priority.
More blah blah blah