Investment Canada

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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.