I am pleased to be here today, as we celebrate the official launch of Export Development Canada's representation in Monterrey. EDC remains strongly committed to promoting and supporting increasing trade and partnership between Canada and Mexico. 
  
Many of you already know Marvin Hough, who became EDC's first permanent representative in Mexico in April 2000. Marvin will continue to work out of Mexico City, while our new representative, Noe Elizondo, sets up shop in Monterrey.

Mexico is the only market in the world where EDC has two in-market representatives.

As Mexican companies look to globalize, our representatives here are well positioned to help those companies and their Canadian partners, in Mexico and around the world. 
  
I'd like to explain a bit about EDC's role, which is essentially to foster trade and investment relationships. A key part of EDC's mandate is facilitating international business opportunities for all Canadian companies, in all sectors and all markets. 
  
Trade is critical to the Canadian economy, with exports representing more than 40% of our GDP. 
  
The importance of trade vis-à-vis our GDP is far greater than any other G-7 nation. 
  
Trade has become such a significant part of our economy that one out of every five jobs in Canada country is now tied to our ability to sell abroad. For the past five years, Canada has become a net foreign investor. Every year more and more Canadian companies are investing outside of Canada, and Monterrey is a key destination. 
  
As a public corporation, EDC is in business to help Canada grow and prosper by increasing our global trade competitiveness. 
  
We invest significant amounts of time and energy into furthering trade relationships beyond our doorstep - that is, beyond the United States. Since 1997, we have established representations in China, Brazil, Poland and of course Mexico. 
  
All of these markets were identified as strategic locations in which to place an on-the-ground representative who offers in-depth knowledge of the market, and is able to generate new business and trade opportunities within the region. 
  
Our customers and their buyers tell us that EDC brings real value to the equation on international projects, thanks to our financial strength and risk management expertise. 
  
All of EDC's financial services are applicable for the Mexican market and the number of Canadian companies selling to or investing in Mexico has been growing steadily. In 2001, EDC supported close to 400 Canadian firms in the Mexican market of which approximately two thirds were small and medium-sized exporters. 
  
The benefits of having on the ground representation in Mexico is reflected by the increase in EDC's business volume of support for Canadian firms selling to or investing in the Mexican market. Since we established the Mexico City representation two and a half years ago, volume has more than doubled (Cdn $1.2 billion in 1999 to Cdn $2.7 billion in 2001). 
  
When we decided to expand our presence in Mexico, Monterrey was an obvious choice given its role as a key commercial and industrial centre. Canadian firms and EDC see significant opportunities to partner with local firms in the Monterrey, in sectors such as industrial equipment, automotive, plastics and packaging equipment, electronics, environmental applications, telecom and advanced technology. 
  
EDC's commercial focus and our capacity to work with commercial banks is ideally suited to the Monterrey market. Our recent participation in various syndicated loans for Monterrey-based industrial conglomerates is opening doors for new Canadian suppliers. At the same time, our direct Lines of Credit provide Monterrey-based industrial groups with tailored financing to facilitate Canadian supply solutions. 
  
EDC enjoys excellent relationships with key industrial conglomerates and firms in the Monterrey region and has concluded significant business with firms such as Grupo Imsa, Cemex, Grupo Alfa and Grup Vitro, amongst others, in support of Canadian exporters. 
  
Our recently appointed representative in Monterrey will work to further Canadian-Mexican commercial relations by cooperating closely with the Canadian Consulate in Monterrey and the Canadian Chamber in Monterrey. 
  
Through EDC's new representation in Monterrey, Canadian exporters and their partners in the Monterrey region will benefit significantly. EDC's new representative with play a key role in developing and enhancing EDC relationships in the region, providing enhanced market intelligence and facilitating the completion of EDC supported transactions. 
  
We expect his presence here to not only help shorten the cycle time for completion of transactions being supported by EDC, but also to pave the way for spin off transactions. 
  
I would like to take this opportunity to introduce EDC's new Regional Manager in Monterrey, Noe Elizondo (Noe to join Ian at podium) - and ask him to say a few words.