Canada EDC’s Singapore branch helps companies win more business in Asia
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.
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).
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.
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. ■