MOSCOW – May 29, 2007 – Export Development Canada (EDC) today officially launched its first permanent representation in Russia with a special seminar in Moscow on the current trends in Canadian-Russian trade. The seminar was attended by over 100 business people from Russian companies and banks, and Canadian companies operating in Russia.
"When EDC first considered establishing permanent representation in Moscow, we knew that Russia's market potential for Canadian exporters and investors was among the best in the world," said Eric Siegel, President and CEO of EDC. "In the period of a few short years, Russia has grown into a market that Canadian businesses cannot afford to miss." Mr. Siegel made the comments in an address to the seminar delegates at the Swissotel Krasnye Holmy in Moscow.
Moscow is now one of 10 key cities where EDC has established permanent representation to strengthen relationships with financial institutions in strategically important markets, and increase contact with potential buyers of Canadian goods and services. EDC's first representative in Russia, Rod Lever, is based in Canada's embassy in Moscow and is responsible for increasing business with Russia and other countries of the Commonwealth of Independent States. All of EDC's representatives are in emerging markets that offer significant business opportunities but also present some higher risks. In 2006 EDC's business in emerging markets increased by 14 per cent.
EDC facilitated CAD 750 million of business in Russia last year, a dramatic 50 per cent increase over EDC's 2005 activity in the market. This growth trend also mirrors Canada's overall trade numbers with Russia. Canada exported more than CAD 870 million to Russia in 2006, an increase of 54 per cent over 2005. This significant increase is in addition to a 41 per cent increase in 2005 over 2004, following year-over-year increases of 27 and 30 per cent for 2003 and 2002 respectively. EDC expects the growth trend to continue, with Canadian exports to Russia likely to exceed CAD 1 billion in 2007. Currently, more than 600 Canadian companies are doing business in Russia.
Mr. Siegel also said that "there is a striking correlation between Canadian 'export strengths' and Russian requirements. Canada makes and exports what Russia wants and needs. Given this natural fit, EDC will work to be as flexible as possible in adapting our suite of products to the Russian market, and continue to innovate and act as a market leader in support of Canadian business in Russia in the years to come."
Export Development Canada 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 has been named one of Canada's Top 100 Employers for six consecutive years.
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Media contacts: Phil Taylor Public Affairs Export Development Canada (613) 598-2904 ptaylor@edc.ca
