EDC celebrates 10 years in Brazil, introduces two new market representatives

OTTAWA, Sept. 22 /CNW/ - Export Development Canada (EDC) is celebrating its 10th anniversary of representation in Brazil this year, having facilitated more than CAD 15 billion in exports and investments into the region between 2000 and 2009.

"Since 2000, EDC has invested in cultivating and developing relationships with leading Brazilian companies in support of Canadian companies operating in or with the market," said Eric Siegel, President and CEO, EDC, who is in Brazil this week to meet with customers and prospects. "The tremendous growth in business between Canadian and Brazilian companies reflects the natural match between what Brazil needs, and what Canada has world-leading expertise in providing."

Mr. Siegel was also in the market to promote EDC's new Regional Vice-President for South America, Jean Cardyn, and new Regional Manager in São Paulo, Monica Busch. EDC also has a Regional Manager in Rio de Janeiro, Fernanda Custodio.

"Our experienced local team helps connect Brazilian companies to highly qualified Canadian suppliers and partners, and provides financial solutions to help complete their deals," said Mr. Cardyn. "A prime example is the trade mission in Rio yesterday, organized with the Canadian consulate, which brought together Brazilian and Canadian infrastructure companies with the Olympic and World Cup organizing committees in Brazil."

Canada-Brazil bilateral trade jumped 70 per cent in the past five years compared to the first half of this decade, from an annual average of CAD 2.7 billion to CAD 4.6 billion. In 2009, Canadian merchandise exports were highest in the mining, resources and transportation sectors. 

The biggest change in the Canada-Brazil trading relationship is in investment:  Canadian direct investment in Brazil jumped by more than 70 per cent since the start of this decade, from CAD 6.7 billion to CAD 11.4 billion in 2009.  From Brazil to Canada, investments exploded from CAD 621 million in 2000 to CAD 14.8 billion last year.

EDC opened its representation in São Paulo in 2000, and in Rio de Janeiro, in 2004.  In 2009, EDC served more than 280 companies and facilitated some CAD 1.5 billion in Canadian trade and investment in Brazil. Before the recession, this volume had reached a high of CAD 3.4 billion (2008) and is on track to grow again this year, by more than 30 per cent over 2009.

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 8,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for nine consecutive years.

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Phil Taylor   
Export Development Canada
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