The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, will hold a media availability Wednesday on proposed legislation to modernize the Investment Canada Act (ICA).

These changes represent the "most significant" updates of the ICA in more than a decade and will address "evolving national security concerns," a government press release issued on Tuesday said.

While the contents of the legislation are not yet clear, the ICA aims to encourage foreign investors to do business with Canada while allowing the government to review possible threats to national security, the government of Canada stated on its website.

The federal government last month unveiled a new Indo-Pacific strategy aimed at countering a “disruptive” China, and a new ICA rule restricting the involvement of foreign state-owned firms in Canada’s critical mineral sectors was announced on Oct. 28.

For more info, please go to https://globalnews.ca/news/9329880/investment-canada-act-reform-champagne/

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