Canada’s export credit agency provides its submission to the legislative review
Today, Export Development Canada (EDC) provided its submission to the 2018 Legislative Review of the Export Development Act.
The Act requires the Government of Canada to undertake a Legislative Review every 10 years to examine different aspects of the role, functions, and governance of EDC. The review will also assess the types of services EDC provides to Canadian exporters to ensure it has the ability to meet evolving business needs in a changing global context.
“This review comes at an important time,” said Benoit Daignault, EDC’s President and CEO. “EDC's services have never been in higher demand as exporters navigate the new complexities, risks, and opportunities of a transforming global marketplace. EDC must be positioned to respond to the needs of an expanding range of customers and provide the proper support no matter where they are in their export journey and ensure a level playing field as they compete around the world.”
The Submission provides a look back at EDC’s evolution since the last review, a decade ago, and demonstrates the profound impact of a changing global trade environment. EDC’s customer service model, its domestic, international and digital presence, product and service offerings, and overall corporate vision have all greatly transformed over this time to keep pace with the needs of the Canadian companies as they engage globally.
Evolution is a constant at EDC. Ongoing market change is the new reality, and exporters have grown accustomed to EDC keeping pace. The 2018 Legislative Review provides an opportunity for stakeholders to consider and encourage the role of EDC in the years ahead as it continues to focus on helping to advance Canada’s trade performance.
The Submission lays out some areas in which EDC must continue to evolve in order to ensure Canadian companies have the support they need to go, grow and succeed internationally:
A continued digital transformation: The needs and expectations of Canadian companies are changing, and digital technologies are essential to providing them with relevant, personalized and accessible solutions to support their international business abroad.
Increased transparency: new efforts to bring increased visibility to what EDC does are ongoing as a key area of focus for the organization. These efforts are intended to remove barriers to information for the public and to help further embed transparency within EDC’s corporate culture.
Meeting emerging needs of exporters: this means responding to the need for innovative financial solutions, knowledge, and connections to help Canadian exporters face an increasingly complex and competitive global market.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.