MercoPress. South Atlantic News Agency

Canada export development agency helps boost trade with Latin America by 40%

Calgary, an oil, agriculture and tourism hub of Western Canada

Canada’s Export Development agency, (EDC) announced a 40% increase in its Latin American business volumes in 2010, reaching a record 10 billion Canadian dollars.

“Latin America's supply chain needs match well with Canadian expertise, particularly in key Canadian sectors like infrastructure, power, oil and gas and mining,” said Benoit Daignault, Senior Vice-President, Business Development, EDC, who will speak tomorrow at a Canada-Latin America forum, being held in conjunction with the Inter-American Development Bank Annual General Meeting in Calgary, province of Alberta.

“Longstanding relationships with most of the large corporations in Latin America have afforded EDC the ability to help hundreds of Canadian companies bid and win on supply chain opportunities.”

In 2010, EDC provided commercial solutions to key Latin American corporations, such as Vale (Brazil), Codelco (Chile), Pemex (Mexico) and Mexico's Federal Electricity Commission (CFE), where opportunities for Canadian supply and services were present.

EDC financial services for Canadian companies operating in Latin America include risk mitigation, such as bonding and credit insurance. EDC can also help banks mitigate exposure to sovereign risk by providing coverage in the event of non-payment by a national debtor.

For foreign customers of Canadian companies, EDC can offer financial solutions such as project or corporate financing, often in loan syndications or club deals, which have fewer financial partners.

For Latin American companies investing in projects in Canada, EDC can provide services to those forming joint ventures or new operations which will export or invest abroad from Canada.

EDC has regional representations in Mexico City, Monterrey, São Paulo, Rio de Janeiro, Santiago, Lima, and Panama City.

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC knowledge and partnerships are used by more than 8,200 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.

Meantime reports from Calgary, Western Canada indicate that thousands of delegates from 45 countries have descended on the city for the annual meeting of the Inter-American Development Bank and the Inter-American Investment Corporation.

“We have over 3,000 people in Calgary today from all over the world. So we want to make sure they know who the Calgary Police Service is and how they can approach us,” said Supt. Richard Hinse.

Plainclothes RCMP officers are also on hand as security for some of the higher-profile delegates, police said.

This is just the third time the annual conference has been held in Canada, said Bruce Graham, president of Calgary Economic Development.