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Foreign Ownership and Control?
Yes!
The latest figures from the Investment
Review Division of Industry
Canada are now available. They cover the
period from June 30, 1985,
when the Mulroney government put
the Investment Canada Act into effect to the end of
September, 2005.
In that period of just over 20 years, there
were 11,380 companies in Canada taken
over by non-resident controlled corporations. The total value of the takeovers
was just over $548.494 billion.
During the same years, new foreign
investment for new businesses in this country was just over $18.040
billion.
So, it was just over 96.8% foreign
investment for takeovers, and a pathetic less than 3.2% for new business
investment.
Fewer that 13% of takeovers were reviewed
by the Review Division.
Not a single takeover was rejected.
Bear in mind, that however appalling the
above figures are, much of the money used by non-residents to take over the
thousands of companies came not from outside Canada but from our own good old
patriotic Canadian banks and other
financial institutions in this country. No one in the Department of Finance,
in the Bank of Canada, in the PMO or Privy
Council Office, NO ONE in Ottawa knows just how much of the takeover of our
country is financed in our own country with Canadian savings. My own educated
guess is at least 65%, but it's probably higher.
They don't know because they don't care to
find out.
So, remember, when the CCCE, the Howe, the
Chamber or whoever pleads for more
foreign investment in this country, the facts, year after year after year, are
clear. They are in fact welcoming the increased foreign ownership and control
of our home.
Only in Canada...........
Mel Hurtig
Vancouver,October 17, 2005.
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