Wed, 01 Dec 2021 Today's Paper

Canada to allow more foreign investment in airlines

5 November 2016 12:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP - Canada will raise the maximum share groups of foreign investors may hold in its airlines from 25 percent to 49 percent in order to stimulate the industry, the transportation minister said Thursday.
The move would “set the conditions for lower fares and increased competition,” Marc Garneau said in a speech.


“This will lead to more options for Canadians and allow the creation of new, ultra-low cost airlines.”
The old cap would still apply to individual investors, however.


The consumer cost of travel within Canada is among the highest anywhere because of the country’s size. The world’s second-largest nation by territory, it spans 9,306 kilometers (5,780 miles) from the Atlantic Ocean to the Pacific.


The government plans to introduce legislation to bring about the change soon, Garneau said.
In the meantime, the former astronaut said he would grant exceptions to allow two upstarts -- Canada Jetlines, which has secured a European partner, and US-backed Enerjet -- to immediately seek out foreign investment. Both ultra-low cost airlines applauded the measures.
Canada currently has two national airlines -- Air Canada and Westjet, both profitable -- and a handful of regional carriers.


Garneau also promised measures aimed at boosting the quality of airline services, shortening airport security lines, reducing travel fees and clearly delineating minimum compensation for passengers’ missed flights and lost luggage.

  Comments - 0


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Focus on Laggala Gem mining big shots bigger than the law

The truth is now being uncovered regarding an illegal mining racket in state

How and why the TNA was formed twenty years ago

The Tamil National Alliance (TNA) is now twenty years of age. The premier pol

India lays emphasis on culture diplomacy with Sri Lanka

Indian Prime Minister Narendra Modi wanted to inaugurate the Kushinagar Inter

Bittersweet memories of a ‘City that never slept’

At the heart of Eastern Province lies a now abandoned ghost town punctuated w