07 february 2012, 16h33

Opposition demands govt. respect promise on investment rules

( THE CANADIAN PRESS/Jacques Boissinot)

The opposition New Democratic Party says a much delayed update of the Investment Canada Act promised by the federal government remains undelivered and makes the country a more difficult place to invest for a foreign company, NDP Industry critic Guy Caron says the opposition is moving to make an update to the act a greater priority. Mr. Caron says foreign companies looking to invest in Canada need to have a clear idea of the rules that would apply before they spend millions or even billions of dollars. While the government promised an update to the law, Industry Minister Christian Paradis has said little about foreign takeovers in Canada. Ontario Premier Dalton McGuinty renewed calls for a review of the legislation this week after a sudden shutdown of a locomotive plant in southwestern Ontario less than two years after it was bought by U.S. industrial giant Caterpillar Inc. The sale of Illinois-based Electro-Motive Diesel by Greenbriar Equity Group and Berkshire Partners to Caterpillar subsidiary Progress Rail Services was not covered by the Investment Canada Act.

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