LONDON, UNITED KINGDOM--(Marketwired - September 20, 2016) - Export Development Canada (EDC) today cemented its longtime presence in the United Kingdom (UK) with the official opening of its permanent representation in London.
"London is a global financial hub and a gateway for investors to Africa and the Middle East, two key markets for Canada's leading industries," said Mairead Lavery, Senior Vice-President, Business Development, EDC. "EDC, as a global financial player, can help connect Canadian businesses to these deals as they develop and help identify future contract opportunities."
The UK is the fifth largest economy in the world and Canada's fourth-largest trading partner. For many Canadian businesses, the UK is an attractive market to consider for direct expansion or as a hub to other markets because of common language, commonwealth ties, and geography.
"Where some see risk and volatility after the Brexit vote, EDC sees opportunity," said Lavery. "We recognize that even in volatile political times, business almost always finds a way to continue, and it's EDC's job to offer Canadian businesses stability and reliability for their long term growth. While we have been planning the London representation for a number of years, the circumstances are such that Canadian companies now have an on-the-ground resource to help them manage the Brexit uncertainties."
Trade between the UK and Canada totaled $ 15.1 billion in 2015, primarily in commodities such as gold and copper, as well as services and investment. "While we expect to see a slight dip in export growth to the UK, with the new government's focus on bilateral trade agreements, this lull should be short lived," said Peter Hall, Chief Economist, EDC.
"EDC has been working with Canadian businesses internationally for over 70 years," said Lavery. "We understand risks, and we understand risk management. We've seen volatility before, and we faced it head on. Now we're here to do it again, and help Canadian businesses feel secure in their global business."
EDC is the leader in helping Canadian companies grow their business by selling outside of Canada. In addition to market knowledge and business connections, EDC provides commercial financing, insurance and bonding products to Canadian companies and their foreign customers making it easier for both parties to do business.
In addition to London, EDC now has permanent representations in Düsseldorf, Rio de Janeiro, Bogota, São Paulo, Lima, Mexico City, Monterrey, Santiago, Shanghai, Beijing, Singapore, Mumbai, New Delhi, Moscow, Abu Dhabi, Istanbul, Johannesburg, and Jakarta.
EDC is Canada's trade finance agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private and public-sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.
For more information about how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca