(JOHANNESBURG) – September 30, 2008 – Export Development Canada (EDC) today announced that its business volumes in South Africa have grown by 162 per cent since 2003.
"Trade between South Africa and Canada continues to grow at a strong pace thanks to the natural match between South Africa's major infrastructure needs and Canadian expertise in infrastructure, telephony and extractive technology and services," said Stephen Poloz, Senior Vice-President, Financing Products Group.
Mr. Poloz, who is in Johannesburg today to deliver a keynote speech to South African business leaders, also said that "EDC's focus for the immediate future will be to grow our partnerships with South Africa's main financial institutions and begin offering financing in rands where needed to broaden our presence in the market."
EDC is currently most active in the extractive sector. The information and communication technology sector is also a growing sector for EDC, as are exports from Canada's light manufacturing sector. Canadian expertise in infrastructure, notably power, rail, ports and pipelines, is world leading.
Canadian companies are very active in South Africa. Recently, Bombardier began building the country's first underground urban transit system and SNC Lavalin won a contract to build Phase II of the Pebble Bed Modular Reactor Demonstration Power Plant at Koeberg. McCain Foods has a large production facility in Viljoenskroon and Barrick Gold has substantial mining assets across the country.
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 eight consecutive years.
Phil Taylor
Export Development Canada
Tel.: (613) 598-2904
BlackBerry: ptaylor@edc.ca
Rizwan Haider
Regional Manager, Africa
Tel.: +1 (613) 513 5493
BlackBerry: rhaider@edc.ca
