foreign investors

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Foreign investors say Canada has a competitiveness problem

The Trudeau government has raised taxes on upper earners, created mass uncertainty with its carbon-pricing scheme, and run huge budget deficits.

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Foreign direct investment in Canada was $31.5 billion in 2017—down 56.0 per cent since 2013.

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The recent decision by the federal government to block a proposed takeover of Progress Energy Resources by Petronas, a Malaysian state-owned company, increases the likelihood of a rejection of the pending acquisition of Nexen by CNOOC, a Chinese state-owned oil company. It also follows the federal government’s action denying the takeover of Potash Corporation by BHP, a privately owned Australian company.  These developments justify reconsideration of whether the net benefit test used by the Canadian government to assess foreign takeovers of Canadian companies makes economic sense.