Foreign Transnational Enterprises take-over 11,254 Canadian-owned companies
Industry Canada has just released its most recent startling figures re Foreign Direct Investment, these covering the period from the beginning of Investment Canada, June 30, 1985, to the end of 2008.
 |
|
Herein is a brief summary:
During this period, there were 11,254 Canadian-owned companies taken over by foreign transnational enterprises.
Only 12% were reviewed by Investment Canada in an attempt to see if there was likely to be any benefit for Canada.
The total amount of foreign direct investment measured by Investment Canada during this period was an enormous $854.93 billion.
Of this only a paltry 2.2% was for new business investment. The overwhelming balance was for takeovers, mostly by U.S. corporations.
It’s important to know that a great percentage of the takeovers by foreigners has been financed by Canadian banks. But, as I have pointed out many times before, no one in Ottawa has the faintest idea of how much this is, and no one in Ottawa in Finance, Industry, Bank of Canada, or the P.M.O cares.
Only in Canada…….
by Mel Hurtig
About the writer:
Mel Hurtig is a famous and passionate Canadian economic nationalist, who continues to campaign on behalf of disenfranchised Canadians on vital national sovereignty, social justice, and global peace related issues.