China Export & Credit Insurance Corporation (Sinosure) and Export Development Canada (EDC) have signed a formal agreement to cooperate and coordinate efforts in support of customers pursuing business opportunities globally.
“EDC is committed to improving its service to Canadian exporters and investors as they venture into highly strategic and competitive markets like China,” says Rob Wright, EDC president and chief executive oOfficer, upon signing the agreement. “Expanding our relationship with an important partner like Sinosure raises our service capacity in China to a new level, as Canadian and Chinese companies are now better equipped to seize business opportunities in an increasingly globalised world.”
“There is a tremendous potential for China and Canada to further develop economic and business cooperative efforts between each other, and the partnership between Sinosure and EDC will serve to facilitate this development,” says Sinosure’s president, Tang Ruoxin. “Exploring cooperative efforts with international partners such as EDC will provide enterprises and banks in China, including foreign-capital enterprises and banks, with a comprehensive range of insurance services which will maximise the growth of China’s export and capital outflow.”
The EDC-Sinosure Agreement further enhances the ongoing relationship between both organisations, serving as a framework to enter into risk-sharing arrangements on future transactions and enabling the effective exchange of information about potential projects and programmes. This agreement will also allow promotion of each other’s services in both Canada and China.
Officially established on December 18, 2001, Sinosure is China’s only policy-based insurance corporation that provides export credit insurance coverage. Sinosure’s capital comes from a credit insurance and risk fund set up through the state’s fiscal budget. The corporation offers export credit insurance and domestic credit insurance coverage and promote Chinese exports, foreign investments and domestic commercial transactions by means of credit insurance, business financing, information and receivables management.