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Trade between Canada and Africa to grow by $10 blnThursday, November 12, 2015 > 10:23:07
Canadian ECA and EDC has announced plans to grow its total business in Africa to $10 billion over the next five years, now that its first African representative office in Johannesburg has been launched.
The new office is being led by Jean-Bernard Ruggeri, chief representative for Sub-Saharan Africa, who joined EDC in Toronto in May 2014 and recently moved to Joahnnesburg. He said that South Africa presented itself as a “good hub” and as such, the prime location for the ECA’s first permanent office on the continent. “We look at the number and volumes of transactions, and we listen to our clients. South Africa is the most diversified economy on the continent, and a big part of our active clients and customers of our clients are based in the country.” he explains. “Even though Africa may not be the first office Canadian exporters think about, more and more customers are talking about opportunities on the continent.”
EDC has helped facilitate more than $7.4 billion in business between African and Canadian companies over the past five years. Africa’s massive infrastructure demands and growing loan market are creating conditions in which EDC would like to grow its business in the market to $10billion in the next five years. “If the volumes and number of transactions increase over the coming years, we might find another place to set up in the African continent.” said Ruggeri
Key sectors of interest for EDC as it expands into the broader African market include: commodities, infrastructure, ICT, clean technology, transportation and agriculture.