Re: “Does Canada really want foreign investment?” March 24.
Foreign investors can participate in ownership of Canadian companies in partnerships with Canadian companies or by sole ownership. Depending on the size of the company being purchased in whole and the product of concern, the foreign owner is now subject to unknown criteria established by the Canadian government, under the “net benefit to Canada” mantra.
Even though we have been fortunate to have extensive foreign investment in Canada, Canada still lags significantly behind a large number of developed nations in the world. With foreign investment comes many benefits to Canadians, including thousands of well-paying jobs per year for Canadians, as well as taxes and royalties from resource extraction activities.
No foreign investor in Canada can own our resources. All companies, whether they are Canadian or foreign, get only the right to extract the Canadian-owned resource and pay royalties established by the federal and provincial governments. These royalties, in part, provide for our generous social programs.
The China National Offshore Oil Co. does not own the crude oil it extracts. It employs thousands of Canadians in high-paying jobs and not one drop of the crude from Canada is exported outside of the continent.
Foreign investment is good for Canada, providing wealth and jobs for all Canadians.
The area that needs work is matching the requirements for the ever-increasing technical jobs created by these companies to the training of Canadians. This is the area that our governments and Canadians must concentrate on to reap the benefits of foreign investment.