News Update

EDC establishes representation in Singapore


Export Development Canada (EDC) established a representation in Singapore to better serve its customers and partners in Southeast Asia.


“As a major financial and commercial centre, Singapore is a gateway into the Asian economy,” said EDC President and CEO Eric Siegel, who is in Singapore to meet with Canadian and local business leaders.  “Singapore is already home to more than 80 Canadian companies, key Asian financial partners and many EDC clients.  We aim to leverage these relationships to create even more opportunities for Canadian exporters and investors.”


Singapore ranks among Canada’s top 25 export markets, while Southeast Asia as a whole is among Canada’s top 10.  Singapore is also Canada’s third largest investment destination in Asia (after Hong Kong and Japan), with direct investments totaling $3.3 billion in 2007. Canada is negotiating a free trade agreement with Singapore, and foreign investment promotion and protection agreements with Indonesia and Vietnam.


EDC first established a Southeast Asia representative in 2004, based in Kuala Lumpur, Malaysia.  Since then, exports and investments in the region facilitated by EDC have grown from $920 million to $1.5 billion.  Total Canadian exports of goods and services to Southeast Asia were $4.5 billion in 2007.  


Robert Simmons, EDC’s Chief Representative for Southeast Asia, will now be based in Singapore, bringing him closer to the majority of Canadian companies and financial partners in the region.  “Singapore is a leading centre of growth in information technology, bio-technology, energy, transportation and financial services, each a good match with Canadian expertise and services,” said Mr. Simmons. 


Singapore joins Mumbai, New Delhi, Beijing, Shanghai, Moscow, Warsaw, Abu Dhabi, Rio de Janeiro, Săo Paulo, Mexico City, Monterrey and Santiago as a site of EDC representation.


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.