The federal industry minister, Francois-Philippe Champagne, has started reaching out to the heads of foreign companies to encourage them to invest in Canada. His goal is to increase competition and lower prices, particularly in the grocery sector. In an interview with Mercedes Stephenson on The West Block, Champagne confirmed that he was open to allowing foreign firms from various industries, such as grocery, telecom, and airlines, to enter the Canadian market and create competition. He mentioned that he had already begun making calls to CEOs around the world to promote investing in Canada. Champagne believes that this initiative will have long-term benefits, as seen in other sectors and countries. The move comes as Canada’s grocery industry, along with other consumer goods, faces rising inflation. The Competition Bureau released a study stating that more competition is needed in the grocery sector to keep food prices down. Currently, five major corporations, including Loblaw, Empire, Metro, Walmart, and Costco, dominate the Canadian grocery market. Champagne recently met with the CEOs of these companies to discuss ways to lower food costs for Canadians. He announced that the government had secured initial commitments from the major grocers to provide discounts, price freezes, and price-matching campaigns. These commitments are part of a five-point plan aimed at achieving food price stability. Champagne emphasized the importance of competition in bringing price stabilization, and he acknowledged that it will take time for Canadians to see results. He also mentioned that the government is considering other measures to impact prices, such as reducing or eliminating GST for some items or exempting farmers from carbon pricing. The minister has introduced legislation to strengthen and modernize the Competition Act, which will affect other industries, including e-commerce. Champagne is dedicated to fighting for Canadians and ensuring a fair and competitive marketplace.
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