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Export Development Canada (EDC) will provide financing and insurance solutions to Nokia’s global customers to boost export of technologies and products
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Three-year partnership represents a combined commitment to furthering innovation, driving impact for Canada’s economy domestically and internationally, and a shared alignment for inclusion, diversity and equity
Nokia and Export Development Canada (EDC) announced an expanded global partnership aimed at investments in 5G and the next generation network infrastructure for global deployment.
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EDC, a Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage, will deploy a full suite of finance and insurance solutions to help Nokia and Nokia Canada compete and win business, while enabling companies around the world to build out their network infrastructure and enable greater broadband access. The agreement will also focus on introducing innovative Canadian companies to Nokia to help deepen the Canadian supply chain.
Under EDC’s new Global Corporate Partnership program, the expanded partnership will help Nokia sustain and grow its leading-edge Canadian R&D facility to further develop the ecosystem of suppliers and solution partners. EDC will also assist in advancing Nokia’s community and social initiatives in Canada. Examples include collaboration on efforts to close the gender gap in tech and working with EDC’s inclusive trade group to support indigenous trade.
Nokia has a key presence in Canada and is delivering positive impact on Canadian employment, investment, and overall value creation. One of Nokia’s largest R&D sites globally is in Ottawa, Ontario, and employs more than 2,300 people in high-tech jobs and its university co-op program employs 400 students from across the country.
Sven List, SVP Trade Connections of EDC, said: “EDC is committed to growing Canada’s exports by introducing innovative Canadian companies to Nokia, helping the Canadian supply chain within the company grow while responding to international business opportunities. We’re excited to partner with Nokia as they invest in 5G and the next generation network infrastructure, strengthening Canada’s position as a leader in high tech resulting in an increase in high value employment and further follow-on benefits within this important sector. We look forward to working closely with Nokia, a company that harnesses strong environment, social and governance principles delivered in Canada and abroad.”
Canada represents an important market for Nokia. As reported in the June 2021, Government of Canada “State of Trade 2021 – A Closer Look at Foreign Direct Investment (FDI)” foreign multinationals like Nokia represent an important post-pandemic opportunity in Canada’s recovery accounting for 12% of all Canadian employment, 15% of gross domestic product and over 60% of trade in goods and services.
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Jeffrey Maddox, President of Nokia Canada, said: “Nokia and EDC share a commitment to job creation, economic expansion and environmental sustainability in Canada. 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. 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.”