Aggressively seek trade with Asia: EDC
VANCOUVER: Export Development Canada (EDC) says Canadian businesses must be aggressive in increasing exports to and investments in emerging Asian economies if we are to exceed expected short-term growth rates.
EDC president and CEO Eric Siegel says Canada’s trade and investment patterns are still skewed towards the US, while our trade penetration is slipping.
“A quick comparison of projected growth rates for the next two years makes it obvious that we can no longer depend on our traditional markets,” said Siegel.
In this evolving trade environment, businesses must change their perspective on exports.
“Gone are the days when companies locate abroad only as a means to access foreign markets without having to pay tariffs. Companies are positioning their operations wherever it makes the most business sense,” said Siegel.
The EDC recommends looking beyond exports to investing in opportunities that will open doors to investment partnerships that help you enter new markets.
Looking at growing Asian economies presents an opportunity for Canada to better integrate into the global supply chain and increase investment returns by linking into the growth and wealth generated abroad.