Panel investment rules will accelerate foreign takeovers, CAW President



    TORONTO, June 27 /CNW/ - The sweeping foreign investment reforms and
elimination of foreign investment barriers proposed by the
government-appointed Competition Policy Review panel in their new report
released on June 26 will only help to accelerate foreign takeovers of Canadian
firms and further hollow out Canada's economy, said CAW President Buzz
Hargrove.
    Hargrove said that the further dismantling of foreign investment
protections could have prevented the government from stopping the sale of
MacDonald Dettwiler and Associates' important space division, which includes
Canadarm-2 and Radarsat-2 technologies, to U.S.-based Alliant Techsystems
earlier this year.
    "These protections are in place to defend the economic interests of
Canadians," said Hargrove. "Prime Minister Harper's wrong-headed economic
policies have steered Canadians down a very dangerous path, and we don't need
more of the same."
    Among its 65 recommendations, the panel calls for fewer restrictions on
foreign investment and for the elimination of all remaining barriers to
foreign control in Canada's airline industry, one that has already been
negatively impacted by overcapacity and overcompetition since the 1980s, said
CAW Economist Jim Stanford.
    The panel commissioned by the Harper government to review Canada's
federal competition and investment policies and chaired by L.R. Wilson,
provided its 134-page report entitled Compete to Win to the Government of
Canada on June 26.
    "This report clearly overlooks the devastating effect that major foreign
investment flows have had on the value of our dollar and on Canadian jobs,
particularly in the manufacturing sector," said Stanford. "Instead it calls
for more of the same hands-off policies that have crippled our country's
industrial base, and are destroying our environment."
    "We need an investment policy that better regulates foreign takeovers and
that allows Canadians to capture a larger share of the value of Canadian
resources," said Stanford.





For further information:

For further information: Angelo DiCaro, CAW Communications, (cell) (416)
606-6311

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