BEIJING, November 7, 2005 -- China Export & Credit Insurance
Corporation (Sinosure) and Export Development Canada (EDC) today 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," said Rob Wright, EDC President & Chief Executive Officer, 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 globalized world," added Mr. Wright.
"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," said Sinosure's President, Mr. 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 maximize
the growth of China's export and capital outflow," added Mr. Tang.
The EDC-Sinosure Agreement further enhances the ongoing relationship
between both organizations, serving as a framework to enter into risk-sharing
arrangements on future transactions and enabling the effective exchange of
information about potential projects and programs. This agreement will also
allow promotion of each other's services in both Canada and China.
The Agreement was signed at Sinosure's headquarters in Beijing by
Mr. Wright and by Mr. Tang Ruoxin, President of Sinosure.
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.
Export Development Canada is Canada's export credit agency, offering
innovative commercial solutions to help Canadian exporters and investors
expand their international business. EDC's knowledge and partnerships are used
by 7,000 Canadian companies and their global customers in up to 200 markets
worldwide each year. EDC is financially self-sustaining and is a recognized
leader in financial reporting, economic analysis and human resource
management.
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Media contact:
Phil Taylor
EDC Public Affairs
Tel.: (613) 598-2904
E-mail: ptaylor@edc.ca
