Export Development Canada (EDC) today opened its first corporate branch in Singapore, created to give Canadian companies an advantage over their global competitors in the fastest growing economic region in the world.
The branch will allow EDC to negotiate and underwrite its financing from Singapore, in the same time zone as buyers of Canadian goods and services within the Association of Southeast Asian Nations (ASEAN), China, and India.
“Asia as a whole is a dynamic region that is growing at a phenomenal rate, and as a result, business here often happens at a rapid pace. EDC’s Singapore branch is designed to provide real-time financial solutions to help Canadian companies tap into that world-leading growth,” said Mairead Lavery, Senior Vice-President, Business Development, EDC. “At the same time, EDC will be developing new financing relationships with major Asian companies that control some of the world’s largest supply chains with a view towards helping grow the number of Canadian businesses within them.”
Key sectors where Canadian companies match up well with demand in Asia include infrastructure (energy and clean technology), extractives (oil and gas), information and communications technology, and transportation (aerospace, automobile production, and rail).
“The capital-intensive demands of large infrastructure and extractive projects present a number of opportunities for EDC to bring its significant financing capacity to the region, to the benefit of Canadian companies operating or looking for new business in Asia,” added Lavery. “Having EDC’s financial backing and experience in large project finance structures can really help Canadian companies compete and thrive in the most lucrative region in the world.”
EDC helped facilitate close to CAD 50 billion in business between Canadian and Asian companies, as well as Asian consumers, in the last five years. The new Singapore branch is expected to play an important role in doubling that number over the next five years.
“EDC is one of the most important partners the Government of Canada has to help Canadian companies export internationally, and I am pleased to see that the organization is growing its international footprint with a fully operational office in Singapore,” said François-Philippe Champagne, Minister of International Trade, Government of Canada. “This will be a launching pad for Canadian companies to explore the tremendous opportunities in the Asian market, as they receive the support of EDC and the Trade Commissioner Service. The office will be a key piece of the Government’s strategy to grow Canada’s trade footprint in Asia.”
In 2016, EDC helped facilitate nearly 35% of Canada’s merchandise trade with Asia by providing financial support to more than 1300 companies in doing business in these countries. These companies are key drivers of the CAD 170 billion in annual two-way trade with Asian companies and consumers.
EDC now has permanent representations in Shanghai, Beijing, Singapore, Mumbai, New Delhi, Bogotá, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago, Moscow, Johannesburg, Dubai, Istanbul, London, and Düsseldorf.
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.