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Export Development Canada opens in London to serve post-Brexit UK
EXPECTING more action from post-Brexit Britain, Canadian credit agency Export Development Canada (EDC) has opened a regional office in London to facilitate its substantial UK business.
"There's a lot at stake for Canada," said Peter Hall, EDC vice president and chief economist, who made the announcement in his weekly column.
"Britain is Canada's largest trading partner in Europe, and the third-largest global destination for Canadian merchandise exports behind the US and China, at C$15 billion [US$11.3 billion] annually. Exports of services are also substantial, an additional C$5.5 billion per annum.
"Less known are Canada's sizable business investments in the UK, which generate C$30 billion in annual foreign affiliate sales," said Mr Hall.
He said the purpose of the new office is to "keep ears on the ground for the opportunities that Britain's current and ultimate circumstances afford Canadian exporters and investors.
"The bottom line? Don't give up on the land of hope and glory. Voters there are merely reflecting the views of a frustrated broader world.
"Assuming that what they really want are bona fide economic solutions, hope and glory are still a distinct possibility," said Mr Hall.
The UK is the fifth largest economy in the world, and third in the OECD. Moreover, its GDP growth has been consistently above the EU average since 2012, with annual gains besting both France and Germany by a significant margin, he said.
"Britain's unemployment rate is proof: on a harmonised basis, it's rivalled only by Germany; it leaves the rest of Europe in its dust.
"On all but two of the Global Competitiveness Index rankings, the UK today outpaces the advanced economy average. On top of this, let's not forget London's role as global financial centre, a key feature of Britain's economic renaissance," said Mr Hall.
"There's a lot at stake for Canada," said Peter Hall, EDC vice president and chief economist, who made the announcement in his weekly column.
"Britain is Canada's largest trading partner in Europe, and the third-largest global destination for Canadian merchandise exports behind the US and China, at C$15 billion [US$11.3 billion] annually. Exports of services are also substantial, an additional C$5.5 billion per annum.
"Less known are Canada's sizable business investments in the UK, which generate C$30 billion in annual foreign affiliate sales," said Mr Hall.
He said the purpose of the new office is to "keep ears on the ground for the opportunities that Britain's current and ultimate circumstances afford Canadian exporters and investors.
"The bottom line? Don't give up on the land of hope and glory. Voters there are merely reflecting the views of a frustrated broader world.
"Assuming that what they really want are bona fide economic solutions, hope and glory are still a distinct possibility," said Mr Hall.
The UK is the fifth largest economy in the world, and third in the OECD. Moreover, its GDP growth has been consistently above the EU average since 2012, with annual gains besting both France and Germany by a significant margin, he said.
"Britain's unemployment rate is proof: on a harmonised basis, it's rivalled only by Germany; it leaves the rest of Europe in its dust.
"On all but two of the Global Competitiveness Index rankings, the UK today outpaces the advanced economy average. On top of this, let's not forget London's role as global financial centre, a key feature of Britain's economic renaissance," said Mr Hall.
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