EDC and SK Group sign partnership to accelerate trade and investments between Canada and the Republic of Korea

This deepening relationship will expand and accelerate export opportunities for Canadian clean tech and advanced manufacturing

OTTAWA, ON, July 3, 2024 /CNW/ - Export Development Canada (EDC), Canada's export credit agency, and SK Group, the second largest conglomerate in South Korea, announced today the signing of a Memorandum of Understanding (MOU) to advance export trade and investments between Canada and the Republic of Korea ("Korea").

The MOU will foster deeper trade collaboration between both countries creating new and expanded opportunities for Canadian businesses and investors seeking to grow and succeed in Korea as well as investments in Canada. With a focus on two of EDC's priority sectors, clean technology and advanced manufacturing, this mutually beneficial partnership will support businesses focused on hydrogen, carbon capture and storage, critical minerals, electrical vehicle batteries, offshore wind, and more.

Through the MOU, EDC brings financing and structuring expertise, as well as deep relationships with Canadian clean technology and advanced manufacturing exporters and investors that can support Korea's current and future economy. SK Group will support and develop Canada's ability to respond to international business opportunities through new connections to its subsidiaries and affiliates and collaborate with EDC, our customers and partners to build our knowledge and provide information and facilitation to strategic networks and partners to assist Canadian exporters and investors in market entry.

"This exciting new partnership with SK Group will further deepen Canada and Korea's two-way trade particularly in areas that support both countries' commitment to build economically resilient, innovative and sustainable nations," said Todd Winterhalt, Senior Vice-President, International Markets and Head of Communications and Public Affairs. "Working with a recognized market leader like SK Group, EDC can help grow Canadian trade opportunities in Korea by increasing our market knowledge, building networks and enhancing supply chains between our countries. With Korea's ambitious net zero goals, including their commitment to the Korea Green New Deal, Canadian technology, innovation and capital can all play an important role." 

About EDC

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. 

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.

About SK Group 

SK Group, South Korea's second-largest conglomerate, is a collection of global industry-leading companies driving innovations in energy, advanced materials, biopharmaceuticals and digital business. Based in Seoul, SK invests in building sustainable businesses around the world with a shared commitment to reducing global greenhouse gas emissions. SK companies combined have $151 billion in global annual revenue and employ more than 100,000 people worldwide. SK Group is one of TIME's 100 Most Influential Companies of 2023.

SOURCE Export Development Canada 2 (EDC)

Media Contact: Media, Export Development Canada, 1-888-222-4065, [email protected]; Media Contact: SK Group, [email protected]