EDC opens first representation in Central America and Caribbean

OTTAWA, Sept. 23 /CNW/ - Export Development Canada (EDC) today opened a representation in Panama City to help expand the growing trade between Canada and the 34 markets in the Central America and Caribbean (CAC) region.

"This region's most open economies—such as Panama, Costa Rica, Dominican Republic and Trinidad & Tobago—show growing trade and investment activity with Canada," said Benoit Daignault, Senior Vice-President, Business Development, EDC. "The billions in infrastructure, extractive and resources business that these markets represent make the region an excellent fit for Canadian expertise in these sectors. Over the next five years, the region's infrastructure investment alone is estimated at over USD 40 billion."

Two-way merchandise trade between Canada and the CAC region averaged some $7 billion annually over the past five years. Canadian merchandise exports to the region increased steadily prior to the 2009 recession, from $2 billion in 2005 to $3 billion in 2008. 

Alain Gauthier, EDC's chief representative for the region, will lead EDC's business development strategy by helping connect government and private sector supply needs with Canadian capabilities and EDC's financing services and partnerships. Canadian banks have a strong presence in the region and Mr. Gauthier will help enhance EDC's support to them.

"Panama in particular is seeing a boom in infrastructure, triggered by the canal expansion, and new opportunities in other sectors, such as mining, said Mr. Gauthier. "While some markets may be facing greater economic challenges, Panama is a prime example of the region's growth potential. The recently signed Free Trade Agreement between Canada and Panama will help build on trade throughout the region."

Overall, EDC served some 550 companies and facilitated close to $2 billion in Canadian trade and investment in the CAC region in 2009, double the volume of five years ago. The bulk of this business in 2009 was in the infrastructure, resources and extractive sectors.

Mr. Gauthier joined EDC in 1987 as a financing manager and has worked in key sectors such as oil and gas, power and telecommunications. He was involved with transactions in many countries including: Argentina, Mexico, Chile, Venezuela, China and the United States. 

Panama joins Lima, Mumbai, New Delhi, Beijing, Shanghai, Singapore, Moscow, Abu Dhabi, Rio de Janeiro, São Paulo, Santiago, Mexico City, and Monterrey 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 more than 8,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for nine consecutive years.

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Media contact:
Phil Taylor   
Export Development Canada 
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