I am very pleased to introduce myself to the readers of this integrated annual report as the new Board Chair for EDC.
I am enthusiastic about the incredible growth opportunities EDC offers Canadian exporters, partners and the domestic economy—through its deep expertise, global reach and knowledge-sharing.
Canadian exporters had a strong year in 2023, and I am eager to see EDC help even more businesses tap into the vast potential awaiting them in international markets—because the role trade plays in the Canadian economy is crucial. Businesses that export generate stronger earnings, grow more quickly and display greater resiliency during economic downturns. International trade also helps Canada influence business practices in other markets and drive economic growth domestically, accounting for almost 30% of our GDP.
Today, less than 5% of Canada’s businesses export their goods and services, with 90% of those goods and services going to other advanced economies—mostly to the United States, the United Kingdom, the European Union and Japan, among others. Imagine the jobs and prosperity flowing into Canada if more businesses could seize opportunities in more international markets, whether through investment, exporting, or participating in a supply chain.
As I write this, EDC is almost a third of the way through its 10-year strategy—our most ambitious corporate strategy yet—to help grow Canada’s exports 60% by 2030. A cross-section of progress toward that goal is captured in the pages of this report, including: our focused efforts to diversify exports across high-growth markets and sectors that hold excellent potential for Canadian companies; an increased emphasis on growing medium-sized businesses, the engine of Canada’s trade growth, while maintaining support for Canada’s small and large segment companies; and enhanced digital capabilities to simplify and accelerate delivery for our customers.
Throughout this report, you will also read stories and see data that illustrate EDC’s efforts to help Canadian companies not only grow their business, but to do so in a sustainable manner so they can have a positive impact at home and abroad. Overall, our hope is for this report to demonstrate how, for almost 80 years, EDC has worked to advance Canada’s trade agenda.
None of the results detailed within this report would be possible without the people who show up every day to help our customers succeed in their global ambitions: our approximately 2,000 employees from across Canada and around the world. And to the leadership team—from our managers, directors and vice-presidents, to our executive and senior vice-presidents, and right up to our CEO—you have all made incredible strides this year, forging and lighting the path so your teams could deliver.
I am excited to be part of this team, one that is strong and steady, thanks to the employees and leaders. I would also like to thank our former chair, Martine Irman, and interim chair, Lindsay Gordon, for their strong leadership. I look forward to leading with the same passion and dedication that helped them steer EDC through challenges and changes, ensuring our sustained and increasing relevance and influence.
Lastly, I would like to recognize and thank the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, for her unwavering support, guidance and vision, as well as all those in the public service at Global Affairs Canada.
On behalf of the Board of Directors, thank you all for your commitment and excellent work in 2023.
