Export Development Canada (EDC) and Korea Trade Insurance Corporation (K-sure) have signed a reinsurance agreement that will enable greater support for Canadian and Korean companies on joint export investment opportunities.
The agreement, signed at an EDC ceremony in Ottawa by senior vice-president Clive Witter and president of K-sure, Kim Younghak, follows the recently signed free trade agreement between Canada and South Korea, which EDC expects will significantly boost trade between the two countries.
“Together, we aim to bring real-world value to the business between Canadian and South Korean companies by making it easier for them to insure and finance deals,” says Witter.
Around 260 Canadian firms used EDC to invest more than US$1.4bn in South Korea last year. Some of the sectors in which EDC and K-sure expect to see more collaborative partnerships include agriculture, infrastructure, metals, mining, and oil and gas.