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<html> <head> <meta name="Generator" content="Corel WordPerfect 8"> <title>EGGLETON ANNOUNCES EXPORT FINANCINGFOR RUSSIAN COMPANIES</title> </head> <body text="#000000" link="#0000ff" vlink="#551a8b" alink="#ff0000" bgcolor="#c0c0c0"> October 16, 1996 No. 190 EGGLETON ANNOUNCES EXPORT FINANCING FOR RUSSIAN COMPANIES The Honourable Art Eggleton, Minister for International Trade, announced today in Moscow that leading private Russian companies will be eligible for new financing from the Export Development Corporation (EDC) to support Canadian exports to Russia. EDC will target companies that earn hard currency, primarily in the oil and gas and telecommunications sectors, as well as leading Russian banks whose clients are likely to purchase Canadian goods and services. "I am confident that EDC's decision to lend money to high-quality Russian companies will result in increased activity by Canadian firms in the Russian market, and will build on our already extensive commercial contacts," said the Minister. Mr. Eggleton is accompanied by a delegation of 57 Canadian companies. The Minister spoke today at the opening of the second-annual meeting of the Canada-Russia Intergovernmental Economic Commission (IEC), which he co-chairs with Russian Deputy Prime Minister Alexandr Zaveryukha. The Commission promotes economic co-operation and trade between Canadian and Russian companies. "Since the IEC's first meeting in Canada one year ago, commercial links between our nations have strengthened considerably," said the Minister. "Our exports to Russia are on the rise, and Canadian companies are making important inroads in a quickly evolving market." Total Canadian exports to Russia for 1995 valued $190 million. For the first six months of 1996, Canadian exports have grown to $149 million. Mr. Eggleton is to meet Thursday with Vladimir Potanin, First Deputy Prime Minister for Finance and the Economy, and on Friday with Vladimir Yakovlev, Governor of the Leningrad Oblast (province). The Minister will also attend the opening of the Moscow showroom of Construct Quebec, a consortium of 19 small and medium-sized building materials manufacturers. The group had sales of $2.5 million in Russia in the past year. This is the first showroom in Russia devoted to Canadian-made products. Mr. Eggleton will participate in a ceremony launching Molson's beer in the Russian market. The Minister said that the distribution relationship between Molson Breweries and AWT International is "an exciting Canada-Russia trade initiative that will benefit both our countries." In St. Petersburg on Friday, Mr. Eggleton will announce a technical co-operation agreement to install window films to protect the Hermitage Museum's collection from harmful ultra-violet rays. The project involves joint government-business financing, and will demonstrate Canadian expertise in this field. Mr. Eggleton will also discuss with Russian ministers, officials and business people ways to develop Canada-Russia trade across the Pacific. The Minister expressed interest in the Russian Far-East region as a natural extension of the Asian market for Canadian companies. The Minister also signed a memorandum of understanding (MOU) on veterinary science with Deputy Prime Minister Zaveryukha. The MOU will help Canadian and Russian veterinary agencies to prevent the spread of animal diseases. Canadian direct investment in Russia currently stands at just over $400 million, principally in the oil and gas sector. Since 1992, more than 50 joint ventures have been launched under the auspices of the Canadian government's Renaissance Eastern Europe Program. -30- A background document is attached For further information, media representatives may contact: Nicole Bourget Director of Communications Office of the Minister for International Trade (613) 996-6271 Media Relations Office Department of Foreign Affairs and International Trade (613) 995-1874 This document is also available on the Department's Internet site: http://www.dfait-maeci.gc.ca Backgrounder CANADA-RUSSIA INTERGOVERNMENTAL ECONOMIC COMMISSION The second annual meeting of the Intergovernmental Economic Commission (IEC) will take place in Moscow on October 16, 1996. The inaugural meeting of the IEC was launched in Ottawa in 1995 by Prime Minister Jean Chrétien and Prime Minister Victor S. Chernomyrdin. The IEC is chaired by Minister for International Trade Art Eggleton and Russian Deputy Prime Minister Alexandr Zaveryukha. Its purpose it to promote economic co-operation and trade, and to resolve trade irritants. The Commission's focus is the private sector. Nearly 50 Canadian companies will participate in the Moscow meeting, whose main goal is to continue the progress made in facilitating business between Russian and Canadian companies. Canada's objectives for the IEC are: -- to identify and bring forward the concerns of the Canadian business community to the Russian government; -- to agree on means to address those concerns, and to identify areas where industry or government can co-operate to enhance the Canadian presence in Russia; and -- to raise Russia's profile as a place to do business. For Canadian companies with significant investments in Russia, particularly in the oil and gas sector, the IEC is a valuable forum for discussing issues, resolving problems and making recommendations to key Russian players. The Commission promotes Canada as a high tech trading partner with global expertise and complements its broader trade interests throughout Europe. Since the 1995 meeting, Russia's economy has improved, and a growing number of success stories are bringing more Canadian companies into the Russian market. The first meeting of the IEC benefited from strong private sector interest and participation. Changes in the Russian marketplace have occurred at an unprecedented pace in the last six years, creating tremendous commercial opportunities. Canada's interests in Russia have evolved accordingly, and our commercial activities now span many sectors. In the short to medium term, Canadian companies stand to do well in Russia in the agri-food, energy, transportation and telecommunications sectors, all of which are being discussed by the IEC. Canada-Russia trade continues to increase; non-grain exports of goods and services to Russia improved in 1995. Total Canadian exports to Russia for 1995 valued $190 million. For the first six months of 1996, Canadian exports totalled just over $149 million, and are expected to exceed 1995's total. These figures do not include the export of services, which are estimated to exceed $250 million a year. Canadian direct investment in Russia currently stands at $300 million, principally in the oil and gas sector. </body> </html>

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