Export Development Canada (EDC) today announced the opening of a new office in Charlottetown, Prince Edward Island that will bring EDC’s financing and risk mitigating solutions closer to businesses in the province.
There is an estimated 425 companies in the area that are either currently exporting or thinking about it. With over $1.32 billion in exports volume in 2016, PEI’s trade with international markets has been growing and EDC intends to play a leading role in unlocking more of the region’s significant trade potential.
“EDC’s investment in PEI is really about tapping into the deep pool of dynamic, trade-minded companies in the area and providing them with more hands-on service,” said Edward Steeves, Regional Vice-President, Atlantic.
The potential for trade-related business growth in the region is particularly evident in sectors like the agri-business, seafood and aerospace sectors – all products and services that are in high demand globally. EDC has seen a marked increase in the amount of business undertaken by its customers in these sectors on the Island, which helped influence the decision to open this new office.
“We want to act as a catalyst to encourage and equip companies with what they need to go, grow, and succeed internationally,” said Steeves. “PEI based companies are already exporting heavily into the US market but EDC can help them tap into demand-rich markets like China and India quickly, and with less risk.”
In addition, the presence of major financial institutions in the region will allow EDC to help more PEI based companies get the support they need. EDC partners with banks, sharing risks on commercial terms, to ensure that customers can access financial solutions best suited to their needs.
“Some of the most dynamic exporters in Canada are headquartered in PEI, with most of them being small-and medium-sized businesses,” said Patrick Murphy, Senior Account Manager for PEI, EDC. “Their needs can be complex, and our intention is to have our finger on the pulse of their business by being part of their community. The more we understand their business and growth opportunities, the easier it will be to create solutions that are uniquely tailored to their day-to-day reality.”
This initiative is part of EDC’s broader growth strategy, domestically and abroad, to help more Canadian companies export and invest internationally.
EDC serves more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year.
EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies.