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Canada needs to reconsider its approach to foreign direct investment (FDI) in the innovation sector as part of a COVID-19 recovery plan, industry experts say.
Dan Ciuriak, Senior Fellow, Centre for International Governance Innovation (CIGI), said in an interview that there is a net benefit test in the Investment Canada Act, but is only applied for investments that surpass a certain threshold. The test was used when Australia-based BHP Billiton tried to take over PotashCorp of Saskatchewan in 1975.
Ciuriak says FDI is a net positive in some industries, but it is trickier to evaluate in the tech sector …
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