EDC opens borders for exporters and investors in Indonesia
Representation in Jakarta will support Canadian companies looking to expand into one of the world’s fastest-growing economies
OTTAWA, Sept. 05, 2023 (GLOBE NEWSWIRE) — To help Canadian exporters and investors take advantage of the vast potential within the Indo-Pacific region, Export Development Canada (EDC) is opening a representation office in Jakarta, Indonesia on Sept. 25. This representation is part of EDC’s overall Indo-Pacific strategy to support Canadian companies diversify into longer-term, higher growth markets, and complements our existing representations in Delhi, Mumbai, Shanghai, Beijing, Sydney and Singapore.
“The push to Indonesia is an obvious one. It is one of the fastest-growing economies in the world, with demand to match, creating sizeable and diverse opportunities for Canadian exporters,” said Mairead Lavery, President and CEO, EDC. “With greater investment and more resources on the ground, we’ll be able to open more doors for Canadian businesses, so they can grow and expand in this vast and developing market.”
Indonesia is the fourth most populous country in the world and has deep trade and investment connections all over the region. It is Canada’s largest Southeast Asia trading partner and has an economy that is expected to grow by over 5% every year into the foreseeable future. With a population of 270 million and a growing middle class, the Indonesian government is investing heavily in infrastructure and has an increased need for a wider range of goods and services.
“Our government is committed to opening doors for Canadian businesses and exporters to grow in the Indo-Pacific,” said Mary Ng, Minister of Export Promotion, International Trade and Economic Development. “EDC’s office in Jakarta is another step in our Indo-Pacific Strategy to expand Canada’s trade network and the resources available for exporters to reach new customers. When our businesses grow around the world, we create good jobs and grow our economy at home too.”
Beyond enabling opportunities, EDC’s staff on the ground will 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. EDC will also engage with, and support, select Indonesian companies, to enhance their access to Canadian suppliers.
“Indonesia has cemented its status as a top emerging market for exporters and investors,” says George Monize, Vice President, Indo-Pacific. “With our team in market, we’ll be better placed to provide real-time support for Canadian companies. The region’s growth has increased the demand for high-quality food and agricultural products, clean technologies, and infrastructure—all sectors of Canadian strength. With careful planning, the right partners, and a willingness to commit for the long term, a venture into Indonesia may be the catalyst for a Canadian company’s global growth.”
Canadian exports to Indonesia currently sit at over $3 billion annually, but a recent EDC report entitled Markets of opportunity for Canadian exporters predicted average annual exports could continue to grow rapidly through 2030, and up to $11 billion by 2050, placing Indonesia among Canada’s Top 10 export markets. By 2040, Indo-Pacific economies are predicted to make up 50% of global GDP and about 40% of the world’s consumption.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
Media | Export Development Canada
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