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CME welcomes Investment Canada Act rulings and changes as a step forward in advancing Canada’s global trade interests

Published by Stephanie Brooks on December 07, 2012

Canadian Manufacturers & Exporters (CME) welcomes the government's approval of the takeover of two Canadian energy companies by foreign state-owned enterprises (SOEs), and its issuing of new, revised guidelines for assessing such transactions in the future.

"Today's decisions demonstrate the government's commitment to attracting foreign investment as a means to grow the Canadian economy, provide foreign investors with a more predictable environment, and advance Canada's trade interests on the global stage," says CME President & CEO, Jayson Myers.

The revised rules under the Investment Canada Act, especially as they relate to state-owned enterprises, should help Canada seek improved and more reciprocal access to trade and investment opportunities in markets around the world, including Asia.

"While attracting foreign direct investment is critical to growing the Canadian economy, especially in the natural resource sector, Canada must also ensure Canadian businesses have the opportunity to access investment and market opportunities overseas" Myers notes.

CME looks forward to working with CNOOC and Petronas, as it does with other leading businesses in Canada's energy sector, to connect them with Canadian industrial suppliers.

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