(OTTAWA) – May 14, 2008 – Export Development Canada (EDC) today provided its submission to the 2008 Legislative Review of the Export Development Act. The submission, Anticipating Needs, Delivering Results: EDC in an Evolving Trade Environment, articulates the importance of trade to Canada's prosperity and what Canadian exporters and investors need from EDC now and in the future.
"Global trade has changed dramatically since the last review of EDC in 1998. Canadian companies need trade finance and risk mitigation services that can help them access new markets and global supply chains," said Eric Siegel, EDC's President and CEO. "Trade is important to Canada and EDC plays a significant role in helping Canadians grow and compete. We believe we can do even more."
The submission outlines EDC's central role in the government's trade policy agenda. EDC complements the trade finance and insurance services available in the private sector by taking higher risks and helping SMEs to grow into larger exporters. Leveraging private and public sector capacity, expertise, ideas and business networks, EDC enhances overall market capacity and ensures that more Canadian companies have access to the support they need in good times and bad. These services are delivered through a business model that blends EDC's public policy mandate with commercial business practices.
Working with its customers to understand their changing needs, EDC has responded with new products and services, including support for Canadian Direct Investment Abroad (CDIA) and a variety of new tools for SMEs. But such tools are becoming essential just for survival against the intensifying pressures of global competition, especially under current economic conditions. EDC's customers depend on continued access to traditional financing, insurance and bonding services, and are also asking for more support from EDC to respond to their changing needs.
"As a trading nation, Canada needs a responsible and modern export credit agency that can offer innovative financial and risk management services and expertise," said Mr. Siegel. "With additional clarity and flexibility in EDC's mandate and regulations, we will be well positioned to work with our partners to anticipate and respond to the needs of Canadian exporters and investors for years to come."
The full text of EDC's submission, Anticipating Needs, Delivering Results, is available at www.edc.ca/review2008.
The Export Development Act requires that the Minister of International Trade, in consultation with the Minister of Finance, initiate a review of 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. The 2008 review is being conducted by International Financial Consultants Ltd. and provides opportunities for written submissions, Town Hall sessions in several cities across Canada, and other interactions with the review team. The review will culminate in a report expected in the fall of 2008 which will inform the Minister's subsequent advice to the government and to Parliament. Information on how to participate in the review is available at www.edcreview2008.ca.
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 nearly 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for seven consecutive years.
-30-
Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
