Written submission for the study of bill C-34 (An act to amend the Investment Canada Act) by the Standing Committee on Industry and Technology (May 2023)
In late 2022 the federal government announced projected changes to its foreign investment policy
, which are aimed at addressing various national security concerns. Following that, in February 2023 bill C-34
to amend the Investment Canada Act (ICA) was tabled at the house of common.
The bill focuses on high-tech companies, but it also addresses mining and exploration companies with critical mineral aspects. In essence, the bill introduces changes that will pose practical limitations on the ability of these companies to be funded by certain foreign investors, and may increase uncertainty and reduce market transparency.
We have various concerns regarding this bill, and in May 2023 we submitted a commentary letter to the House of Commons’ standing committee on Industry, Science and Technology, in which we laid out our concerns and recommendations.