(OTTAWA) – February 14, 2012
Export Development Canada (EDC) today announced the signing of an agreement with the China Development Bank Corporation (CDB) to identify projects between Chinese and Canadian companies that could be facilitated through partnered financing.
The signing ceremony was witnessed by the Prime Minister of Canada, the Right Honorable Stephen Harper, and the Vice-Premier of The People’s Republic of China, on the occasion of the 5th Canada China Business Forum. The Forum was held on February 9, 2012 in Beijing.
Under the agreement, EDC and CDB will focus on key sectors including transportation and aerospace, but will also encompass the machinery, energy, mining, and green technology sectors.
“For Canadian companies, having reliable long-term partners to support their export and investment efforts in China is vital to their success, and this partnership gives Canadian exporters access to an experienced and influential financier,” said Rajesh Sharma, Senior Vice-President, International Business Development, EDC.
While negotiating the agreement, EDC and CBD have already undertaken the development of potential financing structures that could be announced in the coming months.
Looking forward, EDC and CBD have also identified potential future opportunities to collaborate in the civil aviation sector, recognizing the strength of Canadian companies therein and the strength of demand within the Chinese market. Other potential sectors where there is interest and potential to bring both Canadian and Chinese content together are high speed rail, oil and gas projects are also underway.
EDC has two permanent representations in China, located in Shanghai and Beijing. In 2010, 375 Canadian companies used EDC products and services to help undertake more than CAD 4.0 billion in trade within the Chinese market.
Canadian merchandise exports to Canada for the period January to October 2011 were up 33 per cent year-on-year, reaching CAD 12.8 billion. This equals the total merchandise export trade to China from Canada for all of 2010.
In 2010, 954 Canadian exporters and investors in the transportation sector used EDC products and services to facilitate more than CAD 9.8 billion in international business.
Regionally, 2,753 Quebec companies undertook more than CAD 22 billion of their global trade using EDC’s products and services in 2010.
EDC has a permanent presence in Shanghai, Beijing, Singapore, Mumbai, New Delhi, Moscow, Istanbul, Düsseldorf, Abu Dhabi, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago and Panama.
For more information about CDB on their website.
EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 8,200 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
Export Development Canada