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EXPORT Development Canada (EDC), Canada's export credit agency, recently opened its first global branch outside Canada in Singapore to help grow its business in China.
The new branch can process transactions in real time for Chinese companies, eliminating the previous 12-hour delay to connect back to EDC's financing team in Canada, said Chia Wan Liew, EDC's chief representative for the Greater China region, on Thursday. Mr Liew took on the new role on June 1, 2017, following four years as EDC's chief representative for South-east Asia in Singapore. He joined EDC in 2008.
EDC's focus in Singapore will be on 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. It can also support Chinese foreign investment into Canada where there is a direct link to Canadian exports. Key sectors of interest in China are clean technology, aerospace, automotive and health care.
In 2016, EDC supported over 600 companies in China and helped facilitate C$5.6 billion (S$5.9 billion) in business between Chinese and Canadian companies.