News Release - October 26, 2010
FEDERAL GOVERNMENT SHOULD LOOK AT THE “NATIONAL INTEREST” TEST APPLIED IN AUSTRALIA - HOME OF BHP BILLITON
Premier Brad Wall today said the federal government should consider Australia's rules for reviewing foreign investment while protecting the country's interests.
Under Australia's foreign investment policy, an investment must be in the "national interest" in order to be approved. In assessing "national interest," the Australian government considers the following:
Wall said these considerations would all apply if 50 per cent of the world's potash was situated in Australia and Australia's largest potash producer was subject to a foreign takeover.
"The Australian foreign investment review process spells out some of the very same concerns we have been using to assess the BHP Billiton takeover bid here in Saskatchewan, and Australia has one of the strongest investment climates in the world," Wall said.
"So these are hardly the concerns of a ‘banana republic' as some have suggested. These are legitimate issues that are considered by Australia's national government and that should be considered by Canada's national government.
"Shouldn't Canada's review process be at least as strong as Australia's, especially when we hear the former Chair of BHP Billiton calling Canada a ‘branch office?'" Wall asked.
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