Investment Canada

Investment Canada

The Foreign Investment Review Agency (FIRA) was an agency of the government of Canada, created by the Liberal government of Pierre Trudeau in 1974. FIRA was part of a broader industrial strategy that sought to arrest a disturbing degree of foreign, particularly American control of the Canadian economy. The so-called "special relationship" that was said to exist between Canada and the US – which occasionally saw Canada given preferential treatment by American policy – had come to an end in 1971 with the so-called Nixon "shokku".

Its purpose was to screen foreign takeovers and the setting up of new businesses or branch plants by non-Canadians. Despite its pretensions, and the arguments of critics, FIRA rarely blocked any takeovers or asset transfers. Plans to expand its role into a performance reviewing mechanism for foreign investment were shelved in the face of pressure from the Reagan administration. The election of Brian Mulroney who promised a Canada that was "open for business" replaced FIRA with Investment Canada which sought to encourage foreign investment in Canada.

ee also

* Foreign ownership

References

* Clarkson, Stephen. "Canada and the Reagan Challenge: Crisis and Adjustment, 1981-85", Chapter 4. Toronto: J. Lorimer, 1985.


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