To help Canadian exporters and investors take advantage of the vast potential within the Indo-Pacific region, Export Development Canada (EDC) announced today it has opened a new representation in Seoul, South Korea. This announcement marks the second representation opening in less than two months, the first being in Jakarta, Indonesia, to support Canadian companies diversify into longer-term, higher growth markets, and complements EDC’s existing representations in Delhi, Mumbai, Shanghai, Beijing, Sydney and Singapore.
“South Korea is a dynamic, innovative and fast-paced economy offering an abundance of opportunity for Canadian companies looking to diversify and start exporting today,” said Mairead Lavery, President and CEO, EDC. “The Korean people have a positive view of the Canadian brand, and combined with our country’s strong diplomatic relations, Canadian businesses are well positioned to expand into this dynamic and vibrant part of the world. With EDC’s greater investment and more resources on the ground, we’ll be able to open more doors for Canadian businesses and seek growth opportunities."
Strong political, social and economic connections between Canada and South Korea provide a clear pathway for trade. Since signing the Canada-Korea Free Trade Agreement—Canada’s first free trade agreement with an Asia-Pacific nation—bilateral trade has been increasing. In 2022, Canadian companies exported $8.6 billion of merchandise to Korea and EDC believes conditions are right for this number to grow.
“When our businesses grow around the world, they create good jobs and grow our economy at home too,” said Mary Ng, Minister of Export Promotion, International Trade and Economic Development. “We are working hard to help Canadian business owners and entrepreneurs start up, scale up and access new markets. South Korea is Canada’s seventh largest trading partner and a key market for Canadian businesses in many sectors. The new EDC representation in South Korea is another step forward in expanding Canada’s trade network and in making resources available to exporters seeking to reach new customers in the Indo-Pacific region."
Beyond enabling opportunities, EDC’s staff both in-market and in Canada collaborate with Government of Canada trade partners. Working with the Trade Commissioner Service, Invest in Canada and provincial governments they address challenges Canadian businesses can face when entering a new market, and provide access to knowledge, networks, financing and insurance solutions. Together, these offerings and capabilities will help Canadian companies and investors get a seat at the table and do business particularly in sectors of significant potential including cleantech, sustainable infrastructure, agri-food and advanced manufacturing. EDC will also engage with, and support, South Korean companies to enhance their access to Canadian suppliers.
Canada-Korea two-way merchandise trade is robust, reaching $21.87 billion in 2022. A recent EDC report titled Markets of opportunity for Canadian exporters predicted average annual exports could continue to grow rapidly through 2030, and up to $16 billion by 2050. Similarly, by 2040, Indo-Pacific economies are expected to make up 50% of global GDP and about 40% of the world’s consumption.
