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Paradis Says Canada Working on Foreign Investment Framework

Canadian Industry Minister Christian Paradis said his government is working on a legal framework to govern foreign investments.

The following are selected comments from Paradis to reporters today in Ottawa.

On the timing of new guidelines:

“There is two things here. There are reviews ongoing that I cannot comment on but we are working on a policy framework to make sure that in the future foreign investment continue to provide net benefit for Canada so this is something our government is working on and when we are ready to make an announcement, we’ll do so.

‘‘There is a legal framework here we are working on. We have guidelines, we put new provisions. I cannot comment on the reviews and as I said when we are ready to go out with the policy framework we’ll do so but I don’t want to speculate at this point. I cannot speculate.

‘‘As I said, guidelines is something and reviews are another thing. I said that I won’t speculate on this since the reviews are very sensitive, these are high commercial sensitive information that I cannot share. But as I said we’ll go out with the reviews, with the guidelines when we are ready to do so we will clarify what we need to clarify.”

On whether current reviews of transactions will be subject to the new guidelines:

“We have a legal framework in place that we are working with and you know when I talk about the review I don’t want to speculate more than this. We are looking with the legal framework.

‘‘There is a current legal framework in place and we are reviewing with this legal framework and as I said when we are ready to announce a policy framework that we’ve been working on we’ll do it appropriately. We’ll announce it when we’re ready to do it.”

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