EDC and South Korea’s K-sure team up to make business between Canadian and South Korean companies easier
(Ottawa) – September 22, 2014
Export Development Canada (EDC) and Korea Trade Insurance Corporation (K–sure) today signed an agreement to work together on transactions involving Canadian and South Korean companies.
The reciprocal re–insurance agreement will allow EDC and K–sure to support both Canadian and Korean companies on joint export and investment opportunities around the globe.
The agreement was signed by Mr. Kim Younghak, Chairman and President of K–sure, and Clive Witter, Senior Vice–President of Insurance, EDC, during a ceremony at EDC’s global headquarters in Ottawa.
“Canadian companies have been very clear that they want to do more business in South Korea, and K–sure’s customers have said the same about Canada,” said Witter. “Together, we aim to bring real–world value to the business between Canadian and South Korea companies by making it easier for them to insure and finance deals.”
Approximately 260 Canadian companies used EDC’s services last year to undertake more than CAD 1.6 B in South Korea.
The recently signed Canada–Korea Free Trade Agreement (awaiting ratification) is expected to boost trade between the two countries as it provides Canadian companies with unprecedented access to South Korea’s $1.1 trillion economy.
The key sectors where EDC and K–sure expect to see more interest are agriculture, automotive & heavy truck, food & beverage, environmental infrastructure & waste water, mining & metals, and oil & gas.
If your company works with South Korean companies, or you are thinking about entering the market, EDC is there to help you every step of the way,” added Witter.
Witter and Mr. Younghak discussed ideas to increase cooperation in third countries for joint projects and opportunities involving Canadian and South Korean companies. The two also briefly discussed the feasibility for K–Sure to provide insurance and/or guarantees to EDC’s direct loans against South Korean supply purchases.
EDC is Canada’s export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private– and public– sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.
For more information about how EDC can help your company, visit www.edc.ca.
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Spokesperson
Phil Taylor
Export Development Canada
(613) 598–2904
ptaylor@edc.ca
