Canada cites national security in call to tighten foreign investment rules in AI, other sectors: Bloomberg

Canada is changing its rules on the way foreign companies invest in and acquire key sectors in the country.

According to Bloomberg, the federal government will require foreign companies to inform them of their involvement in the artificial intelligence, quantum computing and space technology sectors in advance.

The new rule will allow Canada to complete a national security review while the transaction is in the early stages. The evaluation could possibly limit investors from accessing information from the target companies, such as user data, while the review is taking place, Bloomberg, citing an interview with Industry Minister Francois-Philippe Champagne, reported.

The review will apply to deals of all sizes.

The Minister further told the publication the government will apply the rules to the critical minerals sector, with the possibility to extend into other sectors.

Image credit: @fp_champagne

Source: Bloomberg