MUMBAI, INDIA - April 4, 2005 -- Canada's Minister International Trade, James Scott Peterson, today announced that Export Development Canada (EDC) has named its first permanent representative to India. "It is very timely of EDC to appoint a permanent representative to one of the world's largest and fastest growing markets, helping Canadian exporters and investors, especially small and medium-sized enterprises, win business in India", said Minister Peterson at the start of a four-day Canadian trade mission to India. "The scale, variety and growth of business opportunities in India is impressive. More and more Canadian businesses are realizing the strategic value of India and EDC has to be on the ground to effectively respond to their needs", said Benoit Daignault, EDC senior vice-president for Business Development. "We are anxious to help exporters and investors whose skill and experience are a good match for India's diverse needs. Having a representative in place year-round to work closely with buyers, government agencies and financial institutions will give Canadian businesses operating in India a big competitive advantage". EDC's first representative to India is Peter Nesbitt, who has acquired more than 10 years of working experience in South Asia and India. Prior to joining EDC, Mr. Nesbitt worked for Scotiabank and was the manager of their commercial branch in Bangalore. Mr. Nesbitt holds a BA, Political Science from Canada's Carleton University and an MBA from Dalhousie University. Mr. Nesbitt's presence in India will enhance service to EDC's customers in terms of gathering market intelligence, generating leads, engaging in matchmaking and managing transactions. It will also help raise awareness of EDC's extensive suite of trade finance and risk management services available to Canadian companies operating or interested in the market, as well as to their Indian buyers or partners. Mr. Nesbitt is the newest member of an eight-person team of EDC regional managers established throughout markets of strategic interest to Canada's exporters and investors. Those fellow representatives are based in China (Beijing), South East Asia (Kuala Lumpur, Malaysia), Brazil (Rio de Janeiro and Sao Paulo), Mexico (Mexico City and Monterrey) and Central Europe (Warsaw, Poland). EDC supported 129 Canadian exporters and investors in India in 2004, underwriting or financing CAD 611.2 million in sales and investments. This activity was spread over a multitude of sectors, reflecting the extent to which Canadian technology, skill and expertise can be matched to India's needs. Currently, India's high-priority sectors include: telecom, power, advanced technology and machineries, agri-food, oil and gas, railway transportation, environment, forestry, highways, metals and minerals, aerospace and infrastructure (airports and ports). "As India becomes increasingly open for business with the rest of the world, I am pleased to be in a position to help EDC customers quickly respond to new opportunities in this rapidly expanding market" says Mr. Nesbitt. "I look forward to working hand in hand with Canada's trade officials to help Canadian and Indian companies cultivate business relationships that are so critical to their long-term success" added Mr. Nesbitt. Export Development Canada extended a record $54.9 billion in trade finance and risk management services in 2004 to 6,962 Canadian exporters and investors competing in 177 countries and territories, 146 of them in developing markets. Founded in 1944, EDC is a Crown corporation that operates on commercial principles. Please review the background document. -30- Media Contact: Alex Reeves Public Affairs Tel.: (613) 598-3093 E-mail: areeves@edc.ca
