Senator Ngo introduces mandatory national security review Bill
[For immediate release]- May 31, 2021
This Senate Public Bill seeks to amend the Investment Canada Act to enact mandatory national security review each time a foreign investment is proposed by state-owned enterprises (SOE) in Canada.
As it stands, a national security review may only occur if the Minister of Innovation, Science and Economic Development, after consultation with the Minister of Public Safety and Emergency Preparedness, considers that “the investment could be injurious to national security” and the Governor in Council issues an order for the review.
A stringent national security review of all foreign investments proposed by SOE’s, would ensure that any investment that may threaten national security – particularly in key sectors, such as natural resources, critical infrastructures, and sensitive technologies – is adequately vetted.
Through the establishment of a mandatory, non-discriminatory, predictable national security review of all SOE investment proposals in Canada, Bill S-234 would strengthen our national security, as it would allow for the identification of potential issues in advance, and, where appropriate, proactively address them, namely when it comes to investments that have, for example:
- the potential for transfer of sensitive dual‐use technology or know‐how outside of Canada;
- the potential for negative impacts on the supply of critical services to Canadians or the government; and
- the potential to enable foreign surveillance or espionage.
For more information, please contact:
Office of the Honourable Thanh Hai Ngo