February 12, 2008
No. 32
The Honourable David Emerson, Minister of International Trade and Minister for the
Pacific Gateway and the Vancouver-Whistler Olympics, today announced that
International Financial Consulting Ltd. has been selected to conduct the 2008
legislative review of the Export Development Act.
The Act requires that the Minister undertake a review of Export Development Canada
(EDC) every 10 years in order to provide advice and recommendations to the
government and to Parliament on how EDC can best assist Canadian exporters and
investors in international commerce.
“EDC plays an important role in supporting Canadian competitiveness in the global
marketplace,” said Minister Emerson. “This review provides an opportunity to examine
how EDC is evolving, and should continue to evolve, in order to best support Canadian
companies that operate internationally.”
International Financial Consulting Ltd. will conduct research and analysis, as well as
consult with a broad range of stakeholders, for example, through town hall meetings in
major Canadian cities. The final report will be submitted directly to the Minister of
International Trade and will inform the Minister’s subsequent advice to the government
and to Parliament, expected in the fall of 2008.
International Financial Consulting Ltd. is a leading international consulting firm. Based
in Ottawa, the firm specializes in financial services in support of trade, investment and
development, with a focus on strategic planning, institutional development and the
interface between the public and private financial sectors. The contract for this
legislative review was awarded following a competitive bidding process.
For further information on the review, to make a submission, or to participate in the
consultations, please visit www.EDCReview2008.ca.
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For further information, media representatives may contact:
Lynn Meahan
Press Secretary
Office of the Minister of International Trade and Minister for the Pacific Gateway and
the Vancouver-Whistler Olympics
613-992-7332
Trade Media Relations Office
Foreign Affairs and International Trade Canada
613-996-2000
www.international.gc.ca/index.aspx
Backgrounder
THE EXPORT DEVELOPMENT ACT
AND EXPORT DEVELOPMENT CANADA
Export Development Canada (EDC) is Canada’s official export credit agency. It is
mandated to support and develop, directly or indirectly, Canada’s export trade and
Canadian capacity to engage in international commerce and seize international
business opportunities. EDC has offices in 13 cities across Canada and 13
representatives abroad to assist Canadian exporters and investors.
In 2006, EDC provided services to 6,805 Canadian companies—85 percent of which
were small and medium-sized enterprises—in 184 markets internationally. EDC directly
facilitated Canadian trade and investment activity valued at $54.6 billion and worked in
partnership with private-sector financial institutions to facilitate a further $11.5 billion of
Canadian trade and investment activity.
EDC was created in 1944 and became a Crown corporation with the enactment of the
Export Development Act in 1969. Amendments to the Act in 1993 included a provision
for a legislative review in 1998 and every 10 years thereafter. This review is conducted
by the Minister of International Trade, in consultation with the Minister of Finance.
During the 2008 review, International Financial Consulting Ltd. will undertake research
and consultations in order to prepare a report for the Minister of International Trade.
This report will consider four themes:
• the changing global economy and its impact on Canada’s international
competitiveness;
• EDC’s capacity to meet Canadian business needs;
• EDC’s capacity to provide financing and risk management services; and
• EDC’s place within government.
The Minister of International Trade will table a report on the review to the government
and in Parliament, expected in the fall of 2008.
The consultant’s review will include public consultations and meetings in major
Canadian cities. A website to provide information on the review and terms of reference
can be found at www.EDCReview2008.ca.
