(Bloomberg) — Prime Minister Justin Trudeau’s government plans to greenlight investments in Canada’s port system based on whether they clear national security and supply chain tests.
Most Read from Bloomberg
Transport Minister Omar Alghabra introduced legislation on Thursday that would allow the government to broaden the scope of its reviews to take “swift, decisive action” should it identify threats to the system.
The changes are meant to create a “clear and predictable investment climate” for investors, according to a statement released by Alghabra’s department. “Private investment will continue to be central to our ports having world-class facilities and services, and it will continue to welcome investment as a catalyst for growth and innovation.”
Canada will also lower the investment threshold at which a review can be triggered, to C$10 million ($7.5 million) from C$93 million. The legislation would also give the transport department the regulation-making authority to collect data.
The move comes three weeks after Canada announced tougher rules around investments in critical minerals, making it harder for foreign state-owned enterprises to pursue takeovers or invest in the sector. Proposed transactions now face “rigorous” national security oversight if they have such foreign involvement.
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.
