Export Development Canada (EDC) will expand its activities in India through the establishment of a second permanent representation, to be located in Mumbai.
Mumbai joins New Delhi, Beijing, Shanghai, Kuala Lumpur, Moscow, Warsaw, Rio de Janeiro, So Paulo, Mexico City and Monterrey as a site of EDC’s permanent representation.
“Canadian direct investment in emerging markets like India will continue to grow as Canadian companies look to globalise their supply chains,” says Eric Siegel, president and chief executive officer of EDC. “Our presence here is a direct response to where our customers want to go. We selected India’s commercial centre of Mumbai as EDC’s second Indian representation to facilitate more trade in a pivotal market for Canadian exporters and investors.”
The Mumbai representative will work to identify and pursue transaction opportunities through relationship development, partnering with local banks, companies and intermediaries, collaborating with Canadian high commission and consulate general officials, local chambers of commerce and key industry associations, and providing enhanced market intelligence.
EDC is consulting with local business to identify an experienced professional from the region to represent the corporation. EDC expects to be in place in Mumbai during the autumn of 2007.
Canada exported C$1.5bn in goods to India in 2006, much of which was concentrated in paper products, vegetable products, machinery and chemicals. Since the opening of the New Delhi representation, EDC-facilitated trade and investment with India grew from C$375mn in 2005 to C$730mn in 2006.