(AlbertaIndex, July 2, Wednesday) --- A high-powered committee appointed by the industry minister last year has submitted a set of critical findings and policy recommendations to bolster Canada’s competitiveness on the world economic stage.

        The Competition Policy Review Panel, chaired by L.R. Wilson, said the recommendations are aimed at making Canada a more attractive destination for talent, investment and innovation, resulting in a higher standard of living and economic performance through increased competition. The report, Compete to Win, assumes that greater competitive intensity in Canada will yield better products at lower prices, more jobs and higher earnings, stronger companies and a stronger economy.

The report, now before the Canadian government, makes several specific policy recommendations to the federal government, and also calls for action by other levels of government, the business community, post-secondary educational institutions and individual Canadians to make Canada more competitive in an increasingly globalized economy.

Specific policy recommendations to the federal government include:

• Amending the Investment Canada Act to reduce barriers to foreign investment by increasing review thresholds; reversing the onus to require the government to demonstrate that an investment would be contrary to the national interest before disallowing a transaction; increasing transparency and predictability; and preserving a distinct approach for the cultural sector while also initiating a broad review of Canada’s cultural policies;

• Liberalizing investment restrictions in the Canadian air transport, uranium mining, and telecommunications and broadcasting sectors, and removing the de facto ban on mergers in the financial services sector;

• Updating and modernizing the Competition Act in line with best practices internationally;

• Creating a Canadian Competitiveness Council to give voice to and advocate for competition in Canada, and ensure sustained attention by governments on national competitiveness.

Joining Mr Wilson on the panel were N. Murray Edwards, Isabelle Hudon, P. Thomas Jenkins and Brian Levitt.

“The panel believes that Canada needs to be more open to competition, as competition spurs the productivity enhancements that underpin our economic performance and ultimately our quality of life,” said Mr Wilson.

“With our competitiveness agenda we hope to seize the attention of Canadians from all walks of life, to develop a more competitive mindset in Canada, and to create the conditions in Canada for global economic success.”

As part of the panel’s national competitiveness agenda, Compete to Win also identifies a number of broad public policy priorities bearing on Canada’s competitiveness, and makes recommendations for action in these areas with the goal of making Canada a location of choice for global talent, capital and innovation.

The public policy priorities for action cover taxation, attracting and developing talent, developing head offices and cities, fostering growth businesses, strengthening the role of directors in mergers and acquisitions, the Canadian economic union, Canada-US economic ties, international trade and investment, regulation, and innovation and intellectual property.

“One of our key findings is that Canada needs to get its act together as a nation,” said Mr Wilson. “As governments, as businesses and as individuals we need to work better together and collaborate more effectively in the service of our national competitiveness.

“Competition is global, and the pace of economic activity will continue to accelerate. We must ensure that our policies and our mindset reflect global realities, and our national interest.”

The panel was mandated to review the Investment Canada Act, ownership restrictions in specific sectors, and the Competition Act.

The panel consulted widely, receiving 155 written submissions, commissioning over 20 research projects, and speaking to over 150 participants at 13 regional and thematic consultations.

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