Canada Establishing Federal Agency to Simplify Foreign Investment

Canada is planning to establish a federal agency within the first half of 2017 that will simplify foreign investment.
The agency will assist investors by preparing paperwork on their behalf, and pushing the documents through layers of administration, including provincial, territorial, and municipal governments.
Going by a statement from the federal government, the agency will provide “single-window” client support. In other words, it will act as “concierge” for every foreign investor.
Over the next five years, the government would provide $218 million for the agency. The idea to set up the agency was mooted after several investors complained that they were finding it extremely difficult to deal with multiple levels of government on different points of regulation or policy.
“This is all about making it simple and more attractive to invest in Canada,” said Chrystia Freeland, Canada’s Minister of International Trade.
Soon, the government will find a CEO for the agency, who will be assisted by a team of trade commissioners dedicated to identifying potential investors.
Protectionism is growing in the United States, but Canada has gone on liberalizing its economy and signing free trade deals with several countries. Recently, it signed a trade deal with the European Union.
That’s because one in eight jobs in Canada is linked to foreign investment. According to the government data, foreign-owned multinational enterprises employed 2 million Canadians in 2013, accounting for 12% of all Canadian jobs and 30% of all manufacturing jobs.
“We believe that now is the time for partnerships and prosperity. Canada must be the world’s location of choice for investors, and this agency will directly contribute to job creation and middle-class prosperity,” Freeland added.
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