Export Development Canada has a permanent Western European representation in Dusseldorf, Germany, its first in a developed market.
DUSSELDORF, Germany: Export Development Canada (EDC) has a permanent Western European representation in Dusseldorf, Germany, its first in a developed market.
“The Dusseldorf opening is the next logical step in supply chain development between Canadian and European companies, creating partnerships at the anchor company level that can grow into joint projects in emerging markets,” said Benoit Daignault, the EDC’s senior vice-president of business development.
EDC, Canada’s export credit agency, said it facilitated close to $8.5 billion in transactions in Western Europe in 2009, involving some 1,400 Canadian companies. Over the past five years, its business volumes in the region reached $34 billion.
It said the bulk of the 2009 business was in the information and communication technology, resources and transportation sectors.
“EDC sees a number of opportunities for collaborative work between Canadian and European companies, particularly in information and communication technologies, the auto sector, rail and aerospace projects,” Daignault said. “We also are optimistic about the light manufacturing sector, both consumer and industrial, with strong complementarities in key sub-segments of the medical industry.”
Canada’s exports to Western Europe averaged close to $40 billion annually over the past five years. The agency said merchandise exports to the region increased 63% to $40 billion in 2008 from $24.5 billion in 2004.
EDC is also represented in Mumbai, New Delhi, Beijing, Shanghai, Singapore, Moscow, Abu Dhabi, Rio de Janeiro, São Paulo, Santiago, Lima, Panama, Mexico City and Monterrey.