Export Development Canada celebrates 10th anniversary of Mexico
representation

MEXICO CITY, Sept. 2 /CNW/ - Export Development Canada (EDC) is celebrating the 10-year anniversary of the opening of its first of two representations in Mexico, capping a decade in which the Canadian export credit agency undertook almost CAD 20 billion in business volume in the Mexican market.

"Mexico has been a longstanding market of choice for Canadian exporters and investors because of the natural matches between the key sectors in our countries," said Stephen Poloz, Senior Vice-President of Financing, EDC, who is in Mexico this week to meet with EDC's Mexican customers, partners and Canadian clients. "The billions in business between EDC and our Mexican customers reflect the esteem that Canadian companies have for the energy and growth focus of the Mexican market."

EDC provides financial solutions to Mexican companies that have or are considering Canadian suppliers or partners. The key sectors of EDC related trade between Canada and Mexico are mining, oil and gas, infrastructure and the environment, telecommunications and transportation.

Two-way trade between Mexico and Canada reached over CAD 19 billion in 2009, and has grown an estimated 118 per cent since 1999.

"We are all excited about what the next 10 years can offer as we emerge from the recent global economic downturn," Mr. Poloz added.  "The partnership between Canada and Mexico has the potential to help lift us both off of the economic bottom faster than other countries, providing us both with an opportunity to build off one another's strengths."

EDC has representations in Mexico City, which first opened in April 2000, and Monterrey, which opened in October 2002.  In 2009, amid the worst economic recession since the Great Depression, EDC's business volumes in Mexico still reached CAD 1.1 billion, a testament to the resiliency of trade between the two countries. As the global economy slowly recovers, EDC hopes to return to the nearly CAD 2 billion annual business volumes by the end of 2011.

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 recognized as one of Canada's Top 100 Employers for nine consecutive years.

For further information:

Media contacts:
Phil Taylor   
Export Development Canada
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