EDC to establish representation in the GCC
(ABU DHABI, UNITED ARAB EMIRATES) – November 14, 2007 – Export Development Canada (EDC) today announced it will establish permanent representation in Abu Dhabi to foster increased trade between Canada and the Cooperation Council for the Arab States of the Gulf (GCC) and Yemen. The announcement came as Minister of International Trade David Emerson is in the UAE, leading a Canada-Arab Business Council trade mission to the region.“Canadian exports to the GCC and Yemen have been growing at a significant pace, in keeping with the region’s increasing importance as an economic hub in the Middle East,” said Eric Siegel, President and Chief Executive Officer of EDC. "EDC's permanent representation will help Canadian companies to deepen their commercial relations in this vital region."
Abu Dhabi joins Mumbai, New Delhi, Beijing, Shanghai, Kuala Lumpur, Moscow, Warsaw, Rio de Janeiro, São Paulo, Mexico City, Monterrey and Santiago as a site of permanent EDC representation.
“Canadian exports to the GCC have grown by 140 per cent since 2001,” said Minister Emerson in an address to the Canadian Business Council in Abu Dhabi. “As the region continues on its course of economic diversification, it’s going to need an unshakeable foundation of transportation systems, power generation, environmental protection and urban planning. Canadian industries are widely recognized in these areas and are exceptional potential partners for such initiatives.”
In 2007, EDC has already facilitated more than $1 billion in Canadian exports and investments to the GCC—the political and economic union formed by the United Arab Emirates (UAE), Saudi Arabia, Oman, Qatar, Bahrain and Kuwait—and Yemen, a 20 per cent increase over EDC's volume for the region for the full year in 2006. Growing sectors of interest to Canadian exporters and investors include oil and gas, construction and engineering services. An estimated $1.5 trillion in construction and infrastructure projects are underway in the region. More than 70 Canadian oil and gas companies are active in the GCC and Yemen, and more than 30 Canadian infrastructure and construction firms are active in the UAE alone.
"EDC is aggressively expanding its global network of representations to deepen its long-term relationships with local buyers and borrowers, the key customers of Canadian exporters and investors," said Siegel. “EDC’s efforts to help Canadian exporters and investors in opportunity-rich, but often higher risk, emerging markets is directly driving a significant increase in our overall business volume.” Almost one third of EDC's business volume in the first half of 2007, $12 billion, was in trade in emerging markets, a 58 per cent increase from last year.
The Abu Dhabi-based EDC representative will work to identify transaction opportunities for Canadian exporters and investors through relationship development, partnering with local banks, companies and intermediaries, collaborating with Canadian Embassy and Consulate General officials, local chambers of commerce and key industry associations, and providing enhanced market intelligence. EDC expects to have a representative in place in April 2008.
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 6,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada’s Top 100 Employers for seven consecutive years.
-30-
Media contact:
Phil Taylor
Export Development Canada
(613) 598-2904
ptaylor@edc.ca
