Canadian officials clarifies outside-investment policy
Canadian Deputy Prime Minister Allan MacEachen said his government's "Canadianization" policy will not halt energy development or scare off foreign capital as Canada seeks to control its own economy. Nor will the energy policy have a harmful effect on development of Canada's oil and gas resources, he added.
"You must realize that foreign corporations own or control 72 percent of our energy sector, 55 percent of our manufacturing enterprises," he said. "And our largest single manufacturing effort -- automobiles -- are subsidiaries entirely of Detroit.
"All we ask of a foreign investor is that he provide for a majority of Canadian public ownershi p, that his board be largely Canadian, and that the jobs he creates help Canada toward self-sufficiency."