Canada’s export development arm (EDC) has agreed to underwrite loans up to U.S.$500 million annually to Mumbai-based Tata Sons to help small to medium sized exporters within the company’s supply chain that identify export opportunities for Canadian companies. In a statement at the signing, Madhu Kannan, Member, Group Executive Council, for Tata Sons, said: “The Tata group has had a long standing and successful presence in Canada. EDC continues to be a very important partner for us and we are delighted to enter into this funding arrangement with them which will facilitate the expansion plans of Tata companies.” “The Tata group is a critical organisation within a key market for Canada –India - and the financing is a reflection of Tata’s importance to Canadian exporters,” said Mr. Daignault. “Equally important is Canada’s importance to Tata, with EDC’s financing helping them deepen their roots at home and create new opportunities for Canadian companies.” Tata has a significant presence north of the border. Among its Canadian – based companies are: Tata Global Beverages, Tata Steel, Tata Consultancy Services, Tata Chemicals, Tata Communications, Tata Technologies and Tata Interactive. Other operations consist of an IT development centre in Ontario, telecommunications facilities in both Quebec and Ontario, iron ore mining in Quebec and soda ash distribution centres in both Quebec and New Brunswick. In a recent commentary Peter Hall, Vice-President and Chief Economist for the EDC said: “India’s potential growth has remained solid. Its vast population is a key asset. Many in the labour force population are unemployed, even more are underemployed – a black mark on the economy’s past, but a storehouse of growth for the future. “Investment is bringing technology that is leap-frogging the antiquated systems embedded in OECD markets, and a $1 trillion infrastructure program is renewing and creating the means of moving people, goods and services more efficiently. “This, in turn, is enhancing the country’s productivity. Estimates peg long-run annual growth potential as high as eight per cent, leading some to call India the next growth’s cycle’s China.”