Export Development Canada (EDC) will provide financing and insurance solutions to Nokia Canada to boost the export of its technologies and products.
As a crown corporation, EDC helps Canadian businesses to mitigate risk when conducting business internationally. Its services include access to working capital, risk management, trade knowledge and a vast global connection.
Through the partnership, Nokia aims to grow its Canadian research and development facility located in Ottawa. The two organizations will also work together to advance Nokia’s social initiatives in Canada, including efforts to close the gender gap in tech and support indigenous trade. In addition, leveraging the EDC’s business network will allow Nokia to further establish its position in Canada’s supply chain.
“Nokia’s R&D facility in Ottawa has developed technologies that have been incorporated into solutions for 5G, network security, fiber optic systems, and broadband access networks,” said Jeffery Maddox, president of Nokia Canada in the press release. “These technologies, developed in Canada, are now being used by major carriers, governments and enterprises in Canada and globally. With the support of EDC, Nokia will help boost export of products and technologies developed in Canada by Canadians.”
Nokia’s value in Canada increased significantly after the U.S. blacklisted Huawei, previously a major supplier of telecommunication infrastructure hardware in North America. Although Ottawa hasn’t made a formal decision on Huawei’s future in Canada, Canadian telecommunication companies have signed contracts with other hardware suppliers like Nokia, Ericsson and Samsung, excluding the Chinese company in the process.
Foreign multinationals like Nokia account for 12 per cent of all Canadian employment and 60 per cent of trade goods and services in Canada, according to the State of Trade 2021 report by Global Affairs Canada.