Mulcair says foreign investment can benefit economy if done right

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CALGARY - Federal NDP Leader Tom Mulcair says foreign direct investment can be a major benefit to Canada's economy if it's handled right.

Mulcair says Canada is reliant on funds from overseas players to develop its natural resources.

But he adds there was a lot of sheer incompetence in how the Conservative government handled the takeover of Nexen Inc. (TSX:NXY) by a Chinese government-owned company and the takeover of Progress Energy Resources by a Malaysian concern.

He says Canada's foreign investment regime is plagued by indecision and delay.

Mulcair, the leader of the official Opposition, made his remarks to a business luncheon in Calgary.

He acknowledged that the crowd wasn't exactly a bastion of New Democrat support but said there may be more in common than one might expect.

Organizations: Nexen Inc., TSX, Progress Energy Resources

Geographic location: Canada, CALGARY

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