Standing Committee on Industry, Science and Technology

Comité permanent de l'industrie, des sciences et de la technologie

For immediate release

Ottawa, March 26, 2021 -

On Friday, March 26, 2021, the Standing Committee on Industry, Science and Technology presented its Fifth Report in the House of Commons entitled The Investment Canada Act: Responding to the COVID-19 Pandemic and Facilitating Canada’s Recovery, in which the Committee makes 9 recommendations.

The context of foreign investments has changed since Parliament adopted the Investment Canada Act (ICA). While most foreign investments can and do benefit Canada, the acquisition of sensitive assets by state-owned or -controlled entities raises national security issues.

Moreover, the federal government could improve the ICA’s net benefit review process by valuing intangible assets in a manner that better reflects their importance to a knowledge-based economy.

While the legislation remains strong in many aspects, the ICA would benefit from taking a more cautious, responsive, and transparent approach to regulating foreign investments.

The Committee held three meetings on this topic and received two briefs.

The report is available on the Committee’s website.