François-Philippe Champagne
Saint-Maurice—Champlain, Quebec · Liberal · Canada
“Mr. Speaker, during this final question period before the summer recess, I would have expected the Leader of the Opposition to thank the Prime Minister of Canada for the work he did at the G7 summit. We brought back 13 deals that will generate $5 billion.”
“Mr. Speaker, let me remind the leader that we will take no lessons from the Conservatives. He needs to be reminded. We have the second-fastest growing economy in the G7.”
“Mr. Speaker, as we come to the end of the session, we would expect the Leader of the Opposition to be a bit more cheerful because, in fact, there is good news. If he wants to look at results, Canada is the second-fastest growing economy in the G7. We have seen that investment in machinery and equipment is up.”
“Mr. Speaker, we hear the Conservatives talk against the economy. On this side of the House, we are proud. We are proud to have the most skilled workers in the world. We are proud to have an auto industry, a maritime industry, and an aerospace industry. We are proud to have critical minerals for the 21st century.”
“Mr. Speaker, I would like to begin by thanking the member for Hull—Aylmer for his question and for all his leadership. I am sure that my colleagues will agree with me. He is right. Last week, we unveiled the national food security strategy, because we know that food security is a top priority for Canadians.”
“Mr. Speaker, my colleague will be pleased to hear that the Canadian economy ranks second in the G7 in terms of growth. Not only are we seeing growth, but we are also seeing investment; Bombardier is a perfect example of that. Quebec's aerospace industry is thriving. We have always been there to defend our industries.”
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“We also considered safeguards. We know that this is an important industry in Quebec. I have to say that my colleague has done a great job in this area. This shows that an MP can make a difference. I want to thank her for that. I admire my colleague, who has done a tremendous job defending the interests of furniture and cabinet manufacturers. I listened to them and I heard them. My colleagues will be pleased to hear that we have taken action, because we know they need a helping hand. We have put in place support measures for workers in the industry. We have also taken steps to ensure that the Canadian International Trade Tribunal gives this issue all the attention it deserves. Once again, I want to thank my colleague for her exemplary work on this issue.”
“Mr. Chair, before I answer, I want to commend my colleague from Compton—Stanstead for her extraordinary work. The people of Compton—Stanstead are watching us tonight on television. The Habs are not playing this evening, so I am sure they are all watching what is happening in the House. I want to tell everyone in the region how my colleague has been a strong voice, not only as an MP but also as the chair of the rural caucus. She told me what SMEs in her part of the country are going through. They include SMEs in the furniture industry, and I had a chance to meet with them. I want to thank her because she played a key role in the measures that we are taking as a government. Following my meeting with manufacturers in the furniture and cabinetry sector, we referred their request to the Canadian International Trade Tribunal.”
“Mr. Chair, I have been doing this for hours tonight. I will repeat what I have said. We understand very clearly that governance is key when setting up a sovereign wealth fund, and it is going to be at arm's length from the Government of Canada. We said that very clearly from the get-go. We are going to be consulting to incorporate best practices that we see around the world.”
“Mr. Chair, as I said, they will be very experienced people in governance. We know that governance is a key element when it comes to sovereign wealth funds. I would say the maple leaf is seen around the world as best in class. We know what matters. What matters is that the fund would—”
“Mr. Chair, we understand very well that governance is essential when it comes to the sovereign wealth fund. We have been saying very clearly, very specifically, that it is going to be at arm's length from the Government of Canada.”
“Mr. Chair, I reject the premise of the question. I would say to Canadians who are watching at home that I hope they see what is being talked about here. Canada is creating an instrument to create collective wealth and for Canadians to be able to invest and be part of that creation. I just hope that our Conservative colleagues would show more—”
“Mr. Chair, it is a great thing that the fund would be investing in Canadian projects of national interest. We want to build this country. We want to build at a speed and scale that we have not seen in generations. This is our own Canadian model, and I would say it is very consistent with what we see in other sovereign wealth funds around the world.”
“Mr. Chair, I would invite my colleague to look at a number of sovereign funds. There are different models around the world. Like I said, this is going to be an instrument that is going to create wealth for Canadians. I do not understand why the member would talk down the fact that we are creating collective wealth for Canadians. I hope that my colleague—”
“Mr. Chair, I would like to see my colleague have a bit more ambition for this country. This is about creating an instrument to provide collective wealth for Canadians. If it is good for the Nordic countries, as my colleague said, why would it not be good for Canada? I am asking the question to my colleague. Why would it not be good for Canada to have its own sovereign wealth fund? I think it is a good thing, and it has been—”
“Mr. Chair, it is pretty obvious when we say that it is going to come from the consolidated fund of Canada as seed money, but after that, obviously, the fund will have its own investment and will generate revenues that can be reinvested and create wealth for Canadians.”
“Mr. Chair, like I said, this is an important structure we are going to be creating to create collective wealth in the country. With respect to the numbers that my colleague has been asking for, she will find them in the spring economic update. She will be able to find the numbers for herself. As she said, and as I think we should all celebrate, it is a good thing for Canada to have its own sovereign wealth fund.”
“Mr. Chair, it is difficult to follow the member tonight in her line of questioning. On the one hand, she said sovereign wealth funds are a good thing, and now she wants to criticize us for creating one. It is very difficult to follow. I would ask her, is it a good thing or a bad thing? We have seen examples in Nordic countries and abroad that show creating a sovereign wealth fund is a good thing for people. That is why we are going to do our own sovereign wealth fund here in Canada using best practices.”
“Mr. Chair, in fact, we have consulted with sovereign wealth funds around the world. We even said we would be consulting. We have already established the parameters of the fund. We are going to make sure that we have best practices, but at the same time, we in this House should be happy to see that individual investors will be able to share the growth that we are going to be creating in this country.”
“Mr. Chair, there is something to question. Everyone in the House has a role. I understand the role of the opposition is to ask questions, but I do not understand why talking down an instrument that is going to create collective wealth for Canadians is the right thing to do. In this House, we should all work together to create structure, to create more wealth for Canadians and—”
“Mr. Chair, the voice of my colleague is very different from the voices we hear from international investors. If she reads the international press, she will see that Canada has been heralded as creating its own national sovereign wealth fund in a very Canadian way, allowing individual investors to be able to share—”
“Mr. Chair, I have enormous respect for my colleague, but I think it is irresponsible of her to speak in these terms about something that will create wealth for Canadians. We have consulted widely with funds around the world about best practices, and her view is very much outside of what we have heard from all commentators internationally who speak about Canada creating its fund. They know this is something that is going to serve Canadians well.”
“Mr. Chair, as I have said time and time again, and we have been very clear, the fund will be independent from the government. We know this is a very important feature of this fund. It is going to be at arm's length from the government. It will make its investment decisions in accordance with the—”
“Mr. Chair, my colleague is very learned in finance. There is a difference between the mandate, which we have said is very clear, and the governance, which we say is going to be independent. It will have its own separate board and will be independent from government. We know this is very important. When creating a sovereign wealth fund, governance is very important. The hon. member can be assured that we have consulted widely with funds around the world and we are integrating best practices because, again, we want to have a best-in-class fund that will serve the—”
“Mr. Chair, my colleague is very knowledgeable, as she was in finance for most of her career before being in politics. We have been extremely clear about its governance, that it is going to be at arm's length from the government and it will make its own independent decisions. What we have said is that the fund will invest in projects of national interest and also invest in Canadian companies. A mandate like that is very consistent with other funds around the world. I think she should see the benefit of creating collective wealth for Canadians.”
“Mr. Chair, my colleague was asking where she can find the details of where the funds are coming from. She will find that on page 129 in the English version of the budgetary balances. She will be able to find out exactly where the money is booked in the fiscal accounts of Canada.”
“Mr. Chair, I am happy to see that my colleague is talking about the Canada Strong fund. As she mentioned, Nordic countries have already created, in their way, something quite similar. I think it was about time that Canada created one of these pillars of investments to be able to create—”
“My colleagues in this House will understand that. There are only two countries that the IMF said are standing out, Germany and Canada, two countries with AAA credit rating that have the fiscal capacity to invest. It said that if those countries invest in housing, infrastructure, competitiveness and innovation, they will succeed. That is why we see that Canada has the second-fastest growth in the G7, growing twice as much as our colleagues in Europe, twice as much as Germany, twice as much as Japan and three times more than Italy. Growth happens because of our policies. Growth happens because we have the best workers. Growth happens because we have strong industry. Growth happens—”
“Canada is a lighthouse in the fog of uncertainty. Those were the words of the executive director of the International Monetary Fund. She said the world is wrapped in this fog of uncertainty, and our mission in a world that is more complex and volatile is to provide that kind of certainty. What is certainty today? Certainty today has to do with what we can control. As our Prime Minister has said, we will focus on what we can control: remove interprovincial trade barriers, open our markets abroad, export to new markets, build the infrastructure, build the housing, be more competitive, invest in innovation and build a country strong. That is exactly what we are doing. We are building Canada strong with investment. I would say confident countries invest in themselves. Canada has been singled out again.”
“Mr. Chair, it is good to have amazing colleagues like the minister who come and have very pointed questions. In fact, I know my Conservative colleagues understand as well that Canada offers unparalleled stability, predictability and the rule of law. Like many of my colleagues, I studied law. I remember that I had this professor who said, “Find me a place in the world that does not have the pillar of investment. We saw that when we do not have that, we do not get investment.” The pillar of investment is stability, predictability and the rule of law. In a very divided world, in a world where we see the uncertainty index at its peak, almost since 1945, we can see why Canada stands out in the world. In the fog of uncertainty, we are the lighthouse. That is what I said at the IMF meeting at the G7.”
“I want to once again thank my colleague for her outstanding leadership, because she has always been there to remind us of how we can build communities. I know that she comes from a part of the country that is a lot like mine. We often talk about rural areas and the regions. My colleagues also understand the importance of the regions. I have to say that she is an outstanding colleague who has done important work, and many of her ideas found their way into the 2025 budget and the economic statement. This evening, I would like to thank her for her work on behalf of the people of Moncton—Dieppe.”
“One of the key measures is the Canada Strong fund, our first national sovereign wealth fund. Together with the Prime Minister , we decided that we wanted to create a vehicle for collective wealth. We have seen how the sovereign wealth funds set up in Nordic countries, for example, have benefited communities, workers and families. In a very Canadian way, we are allowing individuals to invest. Ordinary folks will also be able to invest in this major fund, if they are interested and have a bit of savings. They will see their investment grow over the years, and they will be able to say that they helped build this great country. We talk about a strong Canada for all, and there is something very Canadian about telling people that they can contribute if they want to.”
“Mr. Chair, I would like to take a moment to thank my colleague because I know how proud the young people of Moncton—Dieppe are tonight to have a strong voice in Ottawa. She is a colleague I can applaud. She is a strong voice for the region and for New Brunswick. When my colleague speaks, Ottawa listens. The proof is that my colleague was one of the architects of many of the measures found in the budget and the economic statement. I really want to tell the people of Moncton—Dieppe that they made an excellent choice, because my colleague has been doing an extraordinary job for many years. It has been a privilege to serve alongside her. She is right. In our economic statement, we said we need to build Canada strong for all, by putting structural measures in place.”
“Mr. Chair, Canadians have a choice to listen to the opposition or to the International Monetary Fund, which does not need a clip or to grandstand. The IMF forecast for 2026 real GDP growth in the G7 is as follows: Italy, 0.5%; Japan, 0.7%; Germany, 0.8%; United Kingdom, 0.8%; France, 0.9%; and Canada, 1.5%. These numbers speak for themselves.”
“Mr. Chair, I know that my colleague will be happy to learn that Canada has the second-fastest growth in the G7. We are growing twice as fast as countries such as Germany and the United Kingdom, and even three times faster than Italy. We are growing twice as fast as Japan. Tonight, we should celebrate the workers, the industry and the small and medium-sized businesses. These numbers speak for themselves.”
“Mr. Chair, a good Conservative, which I know my colleague is, would celebrate an open economy. Canada has an open economy where we welcome investment in our country. We have seen these investments that have grown the GDP in this country. They have created jobs. Let us think about Volkswagen if they want to talk about the auto sector. It is the largest gigafactory outside of Europe. European manufacturers are choosing to come to Canada, just like a number of investors, such as Shell and LNG Canada, and they are creating opportunities, jobs, growth and wealth in this country.”
“Mr. Chair, I am trying to understand the line of questioning of my colleague. I think she should be celebrating the fact that Canada received record levels of foreign direct investment in 2025 and that we are leading the G7 on per capita FDI. It is good news, and we are going to continue to work with colleagues to attract investment in this country.”
“Mr. Chair, I would be happy to quote this again: “Canada Leads the G7 in Direct Investment Inflows Per Capita”. In fact, it is nearly double that of the United States on a per capita basis. Investors, like my colleague, understand that Canada is the place to invest. That is why we have seen record investment in 2025, and that is why we are seeing more and more firms looking to invest in Canada. That is why we are going to have an investment summit in September, to attract capital to our country.”
“Mr. Chair, I would be pleased to quote something that I know my colleague would like: “Canada Leads the G7 in Direct Investment Inflows Per Capita”. We are way ahead of the United States, and the investments we are making are going to attract even more investment.”
“Mr. Chair, the global CEOs I talk to around the world, and there are many, value investments in Canada. They value predictability, stability and the rule of law. I just have to look at the recent investment of Shell as an example. It sees Canada as playing a big role as an energy superpower.”
“Mr. Chair, I would invite my colleague to speak to global CEOs. He would be pleased to hear that they very much value investments in Canada. When I travel and speak to global CEOs, they see why Canada is the place to invest in. We just have to follow the dollars, and we are seeing large investments, like the one Shell made recently. They speak with their dollars.”
“Mr. Chair, my colleague will have the opportunity to vote on legislation that would certainly help to build more in this country, and I think that is what we want to see. We are united in wanting to see more infrastructure and more investment in this country, and it is a great thing for international investors. Like I said, in 2025, FDI inflow was $97 billion. That is a record.”
“Mr. Chair, I am happy to say that the foreign direct investment inflow in Canada in 2025 was $97 billion. Investors around the world see what Canada has to offer. We have one of the most educated workforces. We have very strong industry. We have critical minerals. We have energy, and we are the only country in the G7 with free trade with all other G7 nations. We have what we need to succeed.”
“Mr. Chair, it is certainly my view that we will see more investment in the energy sector in Canada. We can just look at the recent investment of Shell, which made one of its largest investments in Canada. We have also seen LNG Canada, which is one of the largest of its kind. There are a number of LNG projects that we are seeing, and more will be coming because people—”
“Mr. Chair, my colleague would know, because he is a very learned colleague, that the energy ecosystem is being redesigned in the world. Like I said, the crisis in the Middle East is calling for countries to redesign their energy ecosystems. That is what we have heard. In that context, Canada is being called on to play a bigger role in terms of energy security.”
“Mr. Chair, I am trying to understand my colleague's question. He is saying that Canada needs to build more. I agree with him. We need to build more to make sure we can bring our energy resources to market. I would say our Asian partners and European partners are counting on Canada to play a bigger role when it comes to energy.”
“Mr. Chair, my colleague will be pleased to know that the International Energy Agency and international commentators see Canada playing a bigger role when it comes to energy security around the world and that we have taken a number of measures to support the energy industry in this country.”
“Mr. Chair, I would say global investors see Canada as the place to invest. I would remind my colleague of the International Energy Agency, which mentioned that Canada is playing a big role in the new energy architecture. It is a good thing that Canada is seen as an energy superpower in conventional, renewable and nuclear energy. We are going to build Canada strong together.”
“Mr. Chair, Canadians should take credit for being the country that has attracted the largest amount of foreign investment in the last 20 years. It is not about government. It is about workers. It is about industry. It is about this country. What we have been doing is building the conditions for Canada to stand out in the world. I would remind my colleague that if she looked at the uncertainty index of the International Monetary Fund, she would see we are at one of the highest levels since the Second World War.”
“Mr. Chair, I would say that my colleague should be reassured by the generational investments we are making in infrastructure, housing, productivity and innovation, and the fact that we have the lowest marginal effective tax rate of all the G7 countries. New investments in Canada receive the lowest tax rate in the G7. We are building Canada strong.”
“Mr. Chair, my colleague would be happy to know that Canada is seen as an energy superpower. We are attracting a record level of foreign direct investment. Investors around the world are looking for places that offer stability, predictability and the rule of law. I would say Canada stands out in this context, and we will continue to build Canada strong together.”
“Mr. Chair, I have good news for my colleague. In fact, we have received a record level of investment. I think it is the highest number in the last 20 years. I can reassure her that wherever I go internationally, people value the stability, predictability and opportunities they see in Canada. At this time, the executive director of the International Energy Agency has said that energy architecture is being redesigned and Canada is going to play a major role.”
“Mr. Chair, first of all, I want to thank my colleague for her question. She is a very experienced member of the House. I think what the numbers show is that the Canadian economy is far more resilient than people expected. Despite the nature of what we are seeing with respect to uncertainty in the world, Canadians are resilient. Canadian industries are resilient. Canadian workers are resilient. That is why we can show numbers that show the Canadian economy is very resilient.”
“I know it is getting late, but I know people are here and the work they are doing is very important. For me as minister, being held to account on behalf of the government is my job, and I am happy to answer as many questions as we can tonight. I want to thank the members for the outstanding work they are doing tonight.”
“Mr. Chair, this is a really good point. When I was in New Brunswick, I had the privilege of seeing the cold storage. I think it is at the Moncton airport that they have a very large facility. That is the kind of structural investment we need to make in this country. Yes, obviously we need to build infrastructure, but cold storage facilities, like the one I saw, are really making a difference. I was so impressed by the workers, the people there. Do members know that they load a 747 with lobster in about two hours? I was really impressed to see how these communities, because they have connectivity with the rest of the world and because of the investments that were made, are able to support families and communities across Canada. Again, I want to thank all members tonight.”
“I can see the difference it is going to make in the livelihoods of millions of Canadians. Fish harvesters depend on small craft harbours for their living. Their communities also depend on them. I want to say it again. We focus a lot on the answers tonight, but members like him who stand up to represent their communities, who fight for them and get what they need, should be applauded and thanked this evening. I give my thanks to the member.”