{"id":28870,"date":"2022-12-08T12:46:42","date_gmt":"2022-12-08T12:46:42","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/12\/08\/investment-canada-act-gets-most-significant-update-in-decade\/"},"modified":"2022-12-08T12:46:42","modified_gmt":"2022-12-08T12:46:42","slug":"investment-canada-act-gets-most-significant-update-in-decade","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/12\/08\/investment-canada-act-gets-most-significant-update-in-decade\/","title":{"rendered":"Investment Canada Act gets most significant update in decade"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> Legislation would give government more time and authority to address new threats that may rise from foreign investments <\/p>\n<div class=\"article-meta\">\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Dec 08, 2022<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span> <\/div>\n<p>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> <span class=\"article-meta-comment-count__text\"> 8 Comments <\/span>  <\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/Champagne-1208-ph.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp 2x\" type=\"image\/webp\"\/><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Industry Minister Fran\u00e7ois-Philippe Champagne: &#8220;We need to be more vigilant and this is going in that direction.&#8221;<\/span> <\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Prime Minister Justin Trudeau\u2019s government tabled legislation that would give the industry minister more time and authority to assess foreign transactions that might compromise national security, while also making penalties for violating the Investment Canada Act more severe.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5420527397532876750074348279169024\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5420527397532876750074348279169024\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The amendments would help the government align with the \u201cchanging global dynamics\u201d and address new threats that may rise from foreign investments, an allusion to worries in the West about China\u2019s growing influence, the government said in a statement.<\/p>\n<\/section>\n<div class=\"article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories8070669779089298657891081890299904\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/FPTopStories-06232021.jpg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories8070669779089298657891081890299904\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cGeopolitics of the world today has vastly changed in the last few years; that\u2019s why we must be prepared to face the challenges that could endanger our economic security and our national security,\u201d Industry Minister Fran\u00e7ois-Philippe Champagne said at a press conference on the evening of Dec. 7.<\/p>\n<\/section>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cWe need to be more vigilant and this is going in that direction,\u201d said Champagne, who described the proposed changes as the \u201cmost significant update of the law in more than a decade.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment6814407244455797002115028246069248\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment6814407244455797002115028246069248\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The Investment Canada Act (ICA) allows for the review of foreign investments in Canada based on a number of factors that include \u201cnet benefit\u201d to the economy and national security. The legislation dates to the mid-1980s, a time when free-trade principles were ascendent around the world. That phase of globalization would lead to the fall of the Berlin Wall, the collapse of the Soviet Union, and China\u2019s admission to the World Trade Organization in 2001.<\/p>\n<p>Globalization is now headed in another direction.<\/p>\n<p data-async=\"\">A month ago, Canada\u2019s government used the ICA to order three Chinese companies to divest their stakes in Canadian miners, citing results of a multi-step security review. This took place after the federal government in late October said any attempt by a state-owned enterprise to purchase assets in Canada\u2019s critical minerals sector could trigger a section of the ICA that determines whether deals could be \u201cinjurious to national security,\u201d requiring lengthy review.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment2941723652871913470863333683888128\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2941723652871913470863333683888128\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cWe have gone from an era where foreign engagement strategy was centred around trade to an era that security is now the dog that wags the trade tail,\u201d said Carlo Dade, trade director at the Canada West Foundation, a think-tank.<\/p>\n<p>One of Champagne\u2019s proposed amendments would require new filings from businesses in certain sectors prior to the implementation of the investments, giving the government a chance at an earlier stage to involve itself with transactions where there is risk of a foreigner gaining access to sensitive information.<\/p>\n<p>Some of the sectors that the government will be keeping an eye on include critical minerals, artificial intelligence and businesses dealing with personal data, said Champagne.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8190694354731886963216539640135680\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8190694354731886963216539640135680\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The bill also proposes to provide the industry minister with the power to conduct extended national security reviews of investments. Currently an order from the Governor in Council is required for this multi-step process. The change will make the review process more \u201cefficient and flexible,\u201d the government said.<\/p>\n<p>In addition, the changes would bring stronger penalties against businesses that don\u2019t comply with the act, as opposed to the existing ones that were established several decades ago and haven\u2019t been revisited.<\/p>\n<p>The bill also includes a provision that would allow the minister to disclose information about an investor to allies to support their foreign investment and national security reviews. Currently, information about a specific investor cannot be disclosed.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4374925033682246209055800225169408\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4374925033682246209055800225169408\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>When asked if the increased scrutiny might discourage Canada\u2019s allies from investing in the nation, Champagne said: \u201cI have no concern. I have been traveling the world recently and everyone wants to invest in Canada.\u201d He added that other countries were also tightening their economic provisions due to the current geopolitical scenario.<\/p>\n<p>\u201cThe proposed changes would formalize clearer and stricter processes under the act, allowing the government to more effectively implement them,<span>\u201d said Bob Fay, managing director of digital economy at the Centre for International Governance Innovation, a think-tank. <\/span><\/p>\n<section aria-labelledby=\"moreTopicLabel382133225108534044426576399958016\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Industry Minister Fran\u00e7ois-Philippe Champagne said that following a \u201cmulti-step national security review process,\u201d the government has asked Sinomine Rare Metals Resources Co., Chengze Lithium International Ltd. and Zangge Mining Investment Co. to divest from Canada\u2019s Power Metals Corp., Lithium Chile Inc. and Ultra Lithium Inc.\" class=\"lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/11\/lithium-security-gs1103.png?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/11\/lithium-security-gs1103.png?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/11\/lithium-security-gs1103.png?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/11\/lithium-security-gs1103.png?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Ottawa orders Chinese companies to exit three Canadian lithium miners <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Brine pools used to extract lithium next to a lithium mining camp.\" class=\"lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/no1206lithium.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/no1206lithium.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/no1206lithium.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/no1206lithium.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Canadian lithium miner ordered to break with Chinese investor finds replacement in Australia <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Industry Minister Fran\u00e7ois-Philippe Champagne, right, with Ontario Premier Rob Ford, left, in Oshawa in April.\" class=\"lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/champagne-vw1205.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/champagne-vw1205.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/champagne-vw1205.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/12\/champagne-vw1205.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> &#8216;They see stability and calm here&#8217;: Canada looks like a good place to invest to some EV producers <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4175709313806734250870521565544448\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4175709313806734250870521565544448\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Twenty-four investments were subject to extended national security reviews in the fiscal year that ended March 31, 2022. So far, in the current fiscal year, the government ordered Sinomine Rare Metals Resources Co., Chengze Lithium International Ltd. and Zangge Mining Investment Co. to divest from Canada\u2019s Power Metals Corp., Lithium Chile Inc. and Ultra Lithium Inc., respectively.<\/p>\n<p>Analysts say the move to push China out of the lithium industry is part of a series of steps being taken by the United States, bigger European economies, Canada and other democratic economies to shift their industries\u2019 supply chains away from China, which dominates the EV industry, and towards friendlier nations.<\/p>\n<p data-async=\"\">Reflecting on the move, Trudeau said at an event on Dec. 5 that he wants to make sure that Canada is \u201cin control\u201d of its critical minerals\u00a0so that the country\u2019s allies can rely on the nation at a time when the demand for these minerals have increased primarily due to the rise in sale of\u00a0electric vehicles\u00a0globally, as the world looks to shift away from fossil fuels.<\/p>\n<p data-async=\"\"><em>\u2022 Email: nkarim@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/naimonthefield\" rel=\"nofollow noopener\" target=\"_blank\">naimonthefield<\/a><\/em><\/p>\n<p> <iframe loading=\"lazy\" frameborder=\"0\" height=\"1200\" id=\"\" src=\"https:\/\/modules.wearehearken.com\/financial-post\/embed\/9353\/share\" style=\"--height: 1200px; \" width=\"\"><\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section aria-describedby=\"advertisment431265818353996298490427740258304\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment431265818353996298490427740258304\">Advertisement <\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Investment Canada Act gets most significant update in decade<\/a><br \/>\n<br \/>2022-12-08 12:46:42<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Legislation would give government more time and authority to address new threats that may rise from foreign investments Publishing date: Dec 08, 2022 \u00a0\u2022\u00a0 1\u00a0hour&#8230;<\/p>\n","protected":false},"author":2,"featured_media":28871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-28870","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/28870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=28870"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/28870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/28871"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=28870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=28870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=28870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}