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Investment Canada a “paper tiger” and tougher foreign ownership controls urgently needed says union.

OTTAWA - The Canadian Union of Public Employees (CUPE) is adding its name to a growing list of groups and individuals who are opposed to the foreign takeover of the Potash Corporation of Saskatchewan. 

We are urging Ottawa to reject the hostile takeover of PotashCorp by BHP Billiton because it is clearly not in the interests of the people of Saskatchewan or Canadians,” said CUPE National president Paul Moist.

Decisions about the future of our resource industries must be made in Canada by Canadians for the benefit of all Canadians,” Moist said, “and not elsewhere in the world where local interests will not be considered.”

Meanwhile, Canada’s largest union is also calling on the Harper government to implement tougher controls over foreign ownership. “Investment Canada must function in a more transparent manner, to ensure that the public interest is respected,” insisted Moist.

That includes holding public hearings and requiring that the full terms of any sale of a Canadian company to a foreign entity be made public before any decision is made.”

Moist says that’s the only way to ensure that foreign ownership has positive impacts for local economies, which the rights of workers are respected, and the environment protected.

Investment Canada is currently a toothless paper tiger. In twenty-five years it has only rejected one foreign takeover, while rubber-stamping 13,500. We need immediate action from the Harper government to implement stronger rules and more transparency, to protect Canadian resources and Canadian interests.”

For more information:

Pierre Ducasse
CUPE Communications
Tel: (819) 209-2675