Canada is updating its Investment Canada Act (ICA) to toughen scrutiny on foreign investments to build up national security, a move that came after Ottawa’s recently-released Indo-Pacific Strategy labelled China as an “increasingly disruptive global power.”
“The reality is geopolitics of the world today has vastly changed in the last few years. That’s why we must be prepared to face the challenges that could endanger our economic security, and I would say our national security,” Innovation Minister François-Philippe Champagne told reporters in a press conference on Dec. 7.
“To protect Canadian interests, to secure our resources, and to keep Canadians safe, we are doing the most significant update of the law in more than a decade.”…