Ottawa to unveil investment law reforms to address ‘national security concerns’ – National | 24CA News
Innovation Minister François-Philippe Champagne is poised to announce laws to “modernize” the Investment Canada Act (ICA) on Wednesday, in response to a authorities news launch issued on Tuesday.
“These changes represent the most significant updates of the Investment Canada Act in more than a decade and will address evolving national security concerns,” the press launch says.
While the contents of the laws are usually not but clear, the Investment Canada Act goals to encourage international buyers to do business with Canada whereas permitting the federal government to assessment attainable threats to nationwide safety, the authorities of Canada said on its web site.
Both the technical briefing scheduled for five p.m. jap time and the press convention scheduled at 6 p.m. jap will come after home inventory markets shut.
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Champagne’s mandate letter instructed him to modernize the Investment Canada Act with objectives to “promote economic security and combat foreign interference” by strengthening the nationwide safety assessment course of.
The federal authorities final month unveiled a brand new Indo-Pacific technique geared toward countering a “disruptive” China, and a brand new Investment Canada Act rule proscribing the involvement of international state-owned corporations in Canada’s important mineral sectors was introduced on Oct. 28.
The Indo-Pacific Strategy additionally said that Canada will implement modifications to the Investment Canada Act in an effort to “strengthen the defence of Canadian infrastructure, democracy and Canadian citizens against foreign interference” on the home stage — defending Canadian important minerals provide chains, mental property and analysis and strengthening Canada’s cybersecurity techniques.
Following the announcement, Champagne ordered three Chinese corporations to divest from Canadian important mineral firms on Nov. 2.
The authorities said that disclosing nationwide safety choices is “part of overall efforts to modernize and improve the administration of Canada’s investment review regime.”
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