OTTAWA - October 26, 2006 - Export Development Canada (EDC) today announced that it is expanding its activities in Russia and the Commonwealth of Independent States (CIS) through the establishment of permanent representation in Moscow.
"We are once again expanding our representation abroad to build long-term relationships with foreign customers of Canadian firms, and provide financial services that support Canadian firms active in foreign markets," said EDC Chief Operating Officer Eric Siegel. "The time is right to develop and manage these relationships in real time, as Russia continues to develop in sectors where so many Canadian companies have world-class expertise. Our business results in recent years in Russia and in the expanding markets of Kazakhstan and Ukraine, have shown significant growth and promise continued future expansion."
EDC has facilitated more than 79 per cent of total Canadian export trade to Russia and the CIS, which totaled over CAD 1 billion (all figures in Canadian dollars) in 2005. Russia has become one of Canada's most important emerging market export destinations, maturing from the 15th largest emerging market in 2003 to 4th in 2005. Russia's increasing importance to EDC has seen its business volumes increase from $17 million in 2003 to over $500 million in 2005. The pace of business expansion in Russia and CIS has outpaced all other major emerging markets and EDC expects to facilitate more than $1 billion in business there in 2006. Growing sectors for Canadian exporters and investors include natural resources, agriculture, forestry and transportation, in which Canada has been providing key technological services, capital equipment and engineering support.
Moscow joins Warsaw, Beijing, Shanghai, New Delhi, Kuala Lumpur, Rio de Janeiro, São Paulo, Mexico City and Monterrey as a site of EDC's permanent representation.
Mr. Rod Lever will assume responsibility as Chief Representative for Russia and the Commonwealth of Independent States, fulfilling a timely expansion of EDC's presence in the region. Mr. Lever will be located at Canadian Embassy in Moscow commencing in early January 2007.
In his new capacity as Chief Representative, Mr. Lever will lead EDC's business development strategy throughout Russia and the CIS. His responsibilities include identifying and pursuing transaction opportunities for EDC and its customers, including Russian companies, local banks, and other intermediaries such as leasing companies. Mr. Lever will collaborate closely with Canadian trade commissioners located in the market, local chambers of commerce and key industry associations to leverage market intelligence to the benefit of Canadian companies.
Prior to his appointment as Chief Representative, Mr. Lever worked as EDC's Ottawa-based Regional Manager for the region. Mr. Lever has also worked with the Center for Trade Policy and Law on projects for the Canadian International Development Agency (CIDA) on Russian trade issues. He is a graduate of the Norman Paterson School of International Affairs at Carleton University (NPSIA).
"I look forward to the opportunity to further leverage EDC's capabilities in support of Canadian business and build upon the momentum of growth in the previous two years. This is an exciting time for Canadian business in Russia and the CIS as we are seeing a significant increase in Canadian transactions in the market," said Mr. Lever.
EDC will be celebrating its launch of a permanent representation in Russia by sponsoring the world renowned Kirov Ballet in its exclusive performance of "Swan Lake" at the National Arts Centre from October 26th to the 29th. EDC has in the past supported other cultural events such as the National Arts Centre 2003 orchestra tour of the U.S. and Mexico, as well as the 2002 Tom Thomson exhibit at the National Gallery of Canada.
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 7,000 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 human resource management.
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Media contact: Phil TaylorPublic AffairsExport Development Canada (613) 598-2904ptaylor@edc.ca
