Canada’s export credit agency Export Development Canada (EDC) has opened a new branch in Singapore, its first venture abroad.
The move is designed to further strengthen its ties with China after the EDC helped generate $5.6bn worth of business between the two countries in 2016.
"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."
The agency’s focus will be on working with business owners in China who already use Canadian suppliers to develop financing relationships.
Industries of primary interest include clean technology, aerospace, automotive and healthcare.
It will have benefits at home too, with the EDC able to support Chinese investment into Canada where there is a direct link to Canadian exports.
"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," added 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."