OTTAWA, Nov. 28, 2017 /CNW/ - Export Development Canada (EDC) today opened a new permanent representation in Sydney to help Canadian companies take advantage of the growing opportunities in Australia. The opening in Sydney brings EDC's international representation count to 20 worldwide.
"We are deepening our roots in Oceania so that we can help Canadian companies of all sizes link into the supply chains of large foreign buyers and upcoming project opportunities," said Mairead Lavery, Senior Vice-President, Business Development, EDC. "As a global financial player, EDC can help connect Canadian businesses to these deals as they develop and help identify future contract opportunities."
Australia is Canada's largest destination for Canadian direct investment in the Asia-Pacific, and the fourth largest source of foreign direct investment (FDI) into Canada. For many Canadian businesses, Australia is an attractive market to consider for direct expansion or as a hub to other markets in the Asia-Pacific region because of common language and laws, solid economic credentials, and alignment with Canadian capabilities.
"The Government of Canada is committed to increasing the opportunity for Canadian companies to increase their exports and grow well-paying jobs at home," says François-Philippe Champagne, Minister for International Trade, Government of Canada. "EDC's new office in Australia will provide valuable new opportunities for Canadian companies by creating an additional network of support to help position them for success. Building on the extensive trade and investment ties between our two countries, the services provided by EDC will benefit Canadian companies interested in connecting with the growing opportunities offered by Australia's investments, particularly in its expanding oil and gas and infrastructure sectors."
"Australia is the perfect gateway to the fast-growing economies in the ASEAN region and key developed markets in Asia like China, Korea, and Japan; countries with whom Australia already has established free trade agreements with," added Lavery. "EDC can help Canadian companies leverage these connections or explore partnerships with Australian firms to take advantage of the opportunities available in these important markets."
The Sydney representation complements EDC's first global financing branch in Singapore, opened in March 2017. The Singapore branch enables EDC to conduct its business development and underwriting operations in real-time from Singapore, for the entire Asia-Pacific region. The two presences working together in collaboration with Canada's Trade Commissioner Service can play an important role in helping Canadian companies take that first strategic step into these key markets.
"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 both Australia and broader Asia-Pacific region," added Lavery. "Having EDC's financial backing and experience in large project finance structures can really help Canadian companies compete and thrive in some of the most lucrative regions in the world."
EDC helped facilitate more than USD 10 billion in business between Australian and Canadian companies – many of them small- and medium-sized enterprises (SMEs) – in the last five years and is looking to double that number to USD 20 billion over the next 5 years.
EDC has permanent representations in Shanghai, Beijing, Jakarta, Mumbai, New Delhi, Bogotá, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago, Moscow, Johannesburg, Dubai, Istanbul, London, and Düsseldorf. EDC also has a financing branch in Singapore.
EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies.
For more information about how we can help your company, call us at
1-888-434-8508 or visit www.edc.ca.
SOURCE Export Development Canada
For further information: Spokesperson, Elise Dedekam, Export Development Canada, (613) 598-3076, [email protected]