Benefits to Canada
Since we were founded in 1944, we have facilitated more than $1.3 trillion in exports and foreign investment by Canadian companies. This is important because Canada’s economy relies on trade; one in three jobs depends on exports. Given our small domestic market, Canadian businesses have to think globally to compete and grow.
In 2014 we helped more than 7,400 Canadian companies do business in 187 countries. The majority of these companies were small business, and more than 30 per cent of this business was conducted in fast-growing emerging markets. Using our financial products and services, our customers’ export sales and investments totalled almost $99 billion. We estimate that this helped generate $63.9 billion of Canada’s GDP, contributed more than 4 cents for every dollar earned and helped sustain 525,400 jobs.
Making the connections to create trade
Critical to Canada’s trade success is the ability for Canadian companies, particularly SMEs, to make a connection with international buyers. But many of these companies do not have the size or visibility to make that happen, particularly in emerging markets. One of EDC’s strategies is to help make these connections through match-making sessions with the Canadian Trade Commissioners’ Service, through our equity investments and by leveraging our financial relationships with foreign buyers to encourage them to procure from Canadian suppliers. This strategy is particularly geared toward helping Canadian small-and medium-sized business grow internationally.
Partnership preferred philosophy
When we work on a transaction, we prefer to do it in explicit partnership with the private sector. We let the private sector player set the terms and we add capacity and share the risk. This encourages the private sector to move into new areas, leaving us to move to new frontiers to create new trade for Canada.
We have also signed a protocol with the Business Development Bank of Canada (BDC), to ensure that Canadian companies looking to expand their business in global markets have access to the services and financial capacity that best suit their needs. The protocol aims to improve the coordination between our two Crown corporations by placing more emphasis on guiding new customers towards the core strengths of each organization.
We also work closely with the Canadian Commercial Corporation. Our two organizations work together in the international trade space and continue to look for new areas of collaboration with a goal of continuing to improve our overall service to Canadian companies.