Canada lends Volkswagen $526 million to expand operations in U.S. and Mexico

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tay

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May 20, 2012
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Union condemns federal agency for lending Volkswagen $526 million to expand operations in U.S. and Mexico




Unifor issued a statement Friday saying it’s “absolutely incredible” that Export Development Canada is helping facilitate the migration of the auto industry to Mexico.


Unifor president Jerry Dias says there is no guarantee that the loan will benefit Canada.


In a statement earlier this week, EDC said the financing to the German automaker is designed to create opportunities for qualified small and medium-sized Canadian companies to win new business with the global automotive giant.



But Dias says there are no requirements for Volkswagen to buy anything from Canadian auto parts firms.


Dias is calling for Industry Minister James Moore to review EDC’s actions and to prohibit future loans to automakers in other countries.


“If the Canadian government is really interested in supporting the auto parts sector, then it should focus on winning new investments and creating new jobs right here in Canada,” said Dias in a news release.


“It is painfully ironic that we recently lost out on a lucrative engine investment in Windsor by Ford, largely because of inadequate government support. Yet we can somehow find $526 million to help a foreign firm invest in Mexico,” he said in the statement.




Union condemns federal agency for lending Volkswagen $526 million to expand operations in U.S. and Mexico | National Post
 
coldstream

coldstream

on dbl secret probation
Oct 19, 2005
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Harper is such a treasonous little slug. A complete incompetent, a shill for the global financial and trading oligarchy.. before which he grovels with shameless abandon. He's quite sure that his parliamentary pension and the corporate board appointments he'll receive after retirement will insulate from the catastrophic economic blowback of his policies.
 
darkbeaver

darkbeaver

the universe is electric
Jan 26, 2006
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RR1 Distopia 666 Discordia
You must all vote for me next election, I will sit in the office stoned all day, this will save the country billions. You are the country, do yourself and your country a big favour and elect a very small government who know how to roll joints. Are you tired of being governed by boring straight people in debt to bankers? Say no to yes. Pass the ashtray will ya.
 
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