SHANGHAI, June 29, 2017 /PRNewswire/ --
- Singapore branch to help EDC representations in China diversify its loan bookings with Chinese companies
- New Chief Representative to target clean technology, transportation, and healthcare sectors
- Potential to partner with commercial banks in syndicated financing facilities for Chinese companies to support their trade-focused businesses
- New branch office to support and augment current representations in Shanghai and Beijing
Export Development Canada (EDC), Canada's dynamic export credit agency, recently opened its first global branch outside of Canada in Singapore to help grow its business in China.
"EDC's new branch can process transactions in real time for Chinese companies, eliminating the previous 12-hour delay to connect back to our financing team in Canada," said Chia Wan LIEW, EDC's Chief Representative for the Greater China region. "EDC's financial services are now offered more quickly and effectively, which will significantly benefit Chinese companies looking for growth capital or working capital support."
EDC's new branch in Singapore will bring its global-scale financing business closer to projects and companies in China by negotiating and executing financing transactions in their preferred time zone, reflecting the growing importance of the Chinese market to Canada. EDC's foreign representations in Shanghai and Beijing will continue to operate and build relationships in China.
EDC's focus will be developing financing relationships with corporations and project owners in China that may already have Canadian suppliers, or where there is potential for future Canadian supply. EDC can also support Chinese foreign investment into Canada where there is a direct link to Canadian exports.
In addition, EDC will actively pursue opportunities to partner with commercial banks within club and syndicated financing facilities of select corporations in China.
- In 2016, EDC supported over 600 companies in China and helped facilitate CAD 5.6 billion in business between Chinese and Canadian companies through the entire range of its financial solutions.
- EDC currently has a strong aerospace portfolio in China with over CAD 650 million of direct financing closed in 2016.
- China is an active destination for Canadian Direct Investment Abroad. In 2016, EDC delivered a combination of insurance and financing solutions to help 39 Canadian companies expand into China.
Mr. Liew was appointed as the new Chief Representative in China on June 1st, 2017, following four years as Chief Representative for Southeast Asia in Singapore. While in Shanghai, he will be responsible for all of EDC's activities in the market.
"China's economy keeps expanding at a phenomenal rate, and growing Chinese companies need capital to support their growth aspirations and trade focused business," added Mr. Liew. "EDC offers corporates in Asia a stable, global-scale financier with a long-term partnership horizon. Not only do we provide financing, but we can help your company reduce costs, be more productive, and more innovative by introducing relevant Canadian technology and expertise."
Key sectors of interest for EDC in China are clean technology, aerospace, automotive, and healthcare.
"Both EDC and the Government of Canada recognize the importance of the Chinese market and has made it a priority to enhance bilateral trade and investment in the country," said Mr. Liew. "Our new Singapore branch reflects this priority and I am thrilled to be playing a leading role in the growth of this mutually beneficial relationship."
Mr. Liew joined EDC in 2008 and has extensive experience in business development, risk assessment, credit underwriting and international trade financing. He was appointed as Chief Representative for Southeast Asia in March 2013, where he has been responsible for the overall market coverage strategy for EDC in the ASEAN region. Before joining EDC, Chia Wan spent 15 years serving a wide variety of roles with increasing responsibilities in international financial institutions in Canada, Malaysia and Singapore.
EDC has been active in China since 1979, making it the first export credit agency to establish business ties in China. EDC has permanent representations within Canadian foreign missions in Beijing, Shanghai, Jakarta, Mumbai, Delhi, Bogotá, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago, Moscow, Johannesburg, Dubai, Istanbul, London, and Düsseldorf.
EDC is Canada's export credit agency, providing financial services for companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains. EDC's financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity for Canadian trade transactions. EDC is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions.
For media enquiries, please contact:
Export Development Canada (EDC)
+1 (613) 598-3076
Hill+Knowlton Strategies, Shanghai
SOURCE Export Development Canada (EDC)