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.
Key facts:
- 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.
About EDC
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:
Elise Dedekam
Export Development Canada (EDC)
ededekam@edc.ca
+1 (613) 598-3076
Peter Guo
Hill+Knowlton Strategies, Shanghai