Foreign investment decisions will benefit Canadian economy, Manley says

Statement by The Honourable John Manley, President and CEO, Canadian Council of Chief Executives (CCCE), on today’s foreign investment decisions by the Government of Canada:

“The decision to approve the acquisitions of Nexen Inc. and Progress Energy Resources Corp. sends a positive signal to investors in Canada and around the world. Canada welcomes foreign investment because it is good for our economy, good for job creation and increases competition, which in turn strengthens productivity.

“Canada’s population is small relative to those of the other major advanced economies, and we have a tremendous need for capital to develop our industrial base and achieve our potential as a leading exporter of energy and advanced energy technologies. At the same time, companies looking to invest in Canada must play by our rules and respect our values, adhering to Canadian laws, regulations, and environmental and labour standards.

“Based on a preliminary review, it appears that the guidelines introduced today will safeguard the national interest while ensuring that Canadians continue to reap the benefits of a welcoming approach to foreign investment. Equally significant, the guidelines recognize the essential role of private enterprise and free market principles in driving economic growth and prosperity. The government deserves to be congratulated both for taking the necessary time to evaluate these applications and for adopting a balanced approach to the evaluation of foreign direct investment.”

The CCCE is the senior voice of Canada’s business community, representing 150 chief executives and leading entrepreneurs in all sectors and regions of the country. Its members lead companies that collectively administer $4.5 trillion in assets, employ more than 1.4 million men and women and are responsible for most of Canada’s private-sector exports, investment and training.