Many journalists and others have written about foreign investment in Canadian industry, including the oil industry. In contrast, few have written about the funding of the environmental movement. That's why I do. For those who would like information about foreign investment in Canadian industries, below, here's some info.
Foreign Investment In General:
- Canada-China Foreign Investment Promotion and Protection Agreement (FIPA), February 8, 2912. Hear what Prime Minister Stephen Harper has to say.
- Canadian investment in China: $5 billion (2010) an increase of 38% from 2009.
- Chinese investment in Canada: $14 billion (2010) an increase of 9% from 2009.
- An brief overview of the Canadian Foreign Investment Review Process, August 2010, Torys LLP. Interesting points:
- According to the Investment Canada Act (the “ICA”), a non-Canadian investor must receive approval to acquire control of a Canadian business if the worldwide value of the assets exceeds a certain threshold. That threshold is $299 million. It is the job of the federal Minister of Industry to grant such approvals.
- Foreign investments must pass the "public benefit" test which is made on the basis of broad economic and policy criteria, eg. planned capital expenditures, employment and opportunities for Canadian participation in the management of the business.
- In acquiring Athabasca Oilsands, Petro China committed to ensuring that the majority of senior management positions would be held by Canadians.
- Interesting: if the foreign investor is a State-Owned Enterprise (SOE), the government of Canada will not require that the SOE adhere to Canadian standards of corporate governance, only the Canadian business does. (Read: Canada doesn't force Canadian standards on SOE's).
- Since the ICA entered into force in 1985 over 1600 investments have been reviewed and only one, involving a US investor, has been disallowed.
- Dispelling Canadian Myths about Foreign Direct Investment. Walid Hejazi argues that public fears about inward and outward FDI are largely unfounded: investment in Canada brings new technology and high-paying jobs, while Canadian investment abroad stimulates exports.
- Invest in Canada. Read this to find out what our government is saying to attract foreign investment in Canada. (2011)
- Foreign Investment In Canada: The Net Benefit Test, from the Government of Canada.
- The Foreign Investment Review Process in Canada, July 2011.
- The Rise of Asian Investment in Canada, Ernst & Young, 2011.
- Canada: Open for Investment, Regulatory Update, 2010. Stikeman Elliot.
Op-Eds:
- "Canadians should welcome more foreign investment," David Campbell in The Globe & Mail, January 4, 2012.
- "Attracting foreign investment to Canada will require more transparent rules," argues Graham Fox, lawyer & poli sci guy. March19, 2012.
- Restricting Direct Foreign Investment hurts Canada. Laura Dawson and Jason Clemens argue that Foreign Direct Investment provides enormous short and long-term benefits to Canadians. They also argue that the threshold for an ICA review should be increased from $300 million to $1 billion. February 28, 2012.
Statistics:
- Foreign investment in Canada, and Canadian investment abroad, Stats Canada, 2010.
- Canada's International Investment Position, Stats Canada, March 2012.
- Foreign Direct Investment, Statistics Canada, 2010. Foreign control of Canadian companies and Foreign controlled enterprises by country (2005 - 2009), Statistics Canada.
- Overview of Canadian Foreign Direct Investment, Parliamentary Information and Research Service, Library of Parliament, 2008.
Foreign Investment in Canada's Energy Sector:
- Acquiring Canadian Public Oil and Gas Companies: A Guide for Foreign Oil and Gas Companies, Foreign Investors and Investment Banks, Davies Ward Phillips & Vineberg, 2010.
- Who Owns Our Oil Sands? Foreign corporations stake their claims to our resources, The Alberta Federation of Labour, April 22, 2011.
- Is Alberta Next? An outbreak of economic nationalism forced the Government of Canada to block the sale of the Potash Corporation of Saskatchewan to a foreign bidder. Could the same thing happen here?, Max Fawcett, March 1, 2011.
- Key Date in the History of the Canadian Oil Industry, The Canadian and Worldwide Oil and Gas Industry, Undated.
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