Export Development Canada (EDC) today announced the opening of a new office in Saskatoon, Saskatchewan that will bring EDC’s financing and risk mitigating solutions closer to businesses in northern Saskatchewan.
The Saskatchewan exporting story
Saskatchewan currently exports 70% of what is produced – that’s a big number. There is an estimated 2,100 direct exporters in the area and more than 800 indirect exporters, Canadian companies, not currently exporting, who sell goods or services to a Canadian company or supply chain and will be sold outside Canada. EDC recognizes that more direct resources are required in this region as there are 1450 companies deemed “ready to export” meaning they plan to export within one to two years. With over $32.5 billion in exports volume in 2016, Saskatchewan’s trade with international markets has been growing and EDC intends to play a leading role in unlocking more of the region’s significant trade potential.
“EDC’s investment in Saskatchewan is really about tapping into the deep pool of dynamic, trade-minded companies in the area and providing them with more hands-on service,” said Mark Livingston, Regional Vice-president.
The potential for trade-related business growth in the region is particularly evident in sectors like mining & oil and gas supply chain, agriculture (commodities, equipment, food processing), biotechnology– all products and services that are in high demand globally. EDC has seen a marked increase in the amount of business undertaken by its customers in these sectors which helped influence the decision to open this new office.
“We want to act as a catalyst to encourage and equip companies with what they need to go, grow, and succeed internationally,” said Livingston. “Saskatchewan based companies, particularly in the north are already exporting heavily into the US market but EDC can help them tap into demand-rich markets like China and India quickly, and with less risk.”
In addition, the presence of major financial institutions in the region will allow EDC to help more Saskatoon-based companies get the support they need. EDC partners with banks, sharing risks on commercial terms, to ensure that customers can access financial solutions best suited to their needs.
“Some very dynamic exporters in Canada are headquartered in and around Saskatoon, with most of them being small-and medium-sized businesses,” said Kyle Reid, Account Manager for Saskatoon, EDC. “Their needs can be complex, and our intention is to have our finger on the pulse of their business by being part of the community. The more we understand their business and growth opportunities, the easier it will be to create solutions that are uniquely tailored to their day-to-day reality.”
This initiative is part of EDC’s broader growth strategy, domestically and abroad, to help more Canadian companies export and invest internationally.
EDC serves more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.