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NLIS 3
April 10, 2000
(Industry, Trade and Technology)


The following statement was issued today by Sandra Kelly, Minister of Industry, Trade and Technology. It was also read in the House of Assembly:

Earlier today, the Export Development Corporation (EDC) announced that it was opening a new office in our province.

EDC is a Crown corporation that operates as a commercial financial institution. It provides trade finance services in support of Canadian exporters and investors in up to 200 countries.

EDC helps Canadian companies compete internationally by providing trade finance and risk management services such as export credit insurance, loans to foreign buyers of Canadian goods and services, and guarantees.

Government initiated contact with EDC to encourage them to establish an office here. Both myself and Premier Tobin met with senior officials and convinced them of the need, and the benefits, to setting up this office in Newfoundland and Labrador.

The EDC has had representation in the Atlantic provinces for a number of years, so it is an encouraging sign of confidence in our economy to see that they are establishing a presence here in our province.

We have been experiencing strong growth in a number of sectors. In addition, we led all of Canada in gross domestic product (GDP) growth for the past two years. Our real GDP growth can partly be attributed to strong export growth. Last year, our province�s exports increased by 13.1 per cent to a record of $5.7 billion.

According to the Export Development Corporation, exports from Newfoundland and Labrador are expected to increase by eight to 10 per cent this year, followed by a further four to six per cent increase in 2001.

EDC will be working with our exporters to help them meet the challenges of competing in foreign markets. This new office will be another valuable resource to assist our companies with their export plans, and we intend to work very closely with the Export Development Corporation.

In addition to the office opening, EDC chief economist Stephen Poloz will be delivering a presentation tomorrow on global economic conditions and trends to help local exporters identify foreign market opportunities and risks. I am pleased to see that the EDC is already exploring ways that it can help our businesses.

I invite honourable members to join me in welcoming this office to our province. I am sure that it will have many benefits for the exporting companies throughout our province.

2000 04 10                                                             2:10 p.m.


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