Thank you, Madam Chair.
I also want to thank the committee members for inviting me to take part in this important study today.
As president and CEO of EDC, I'm eager to discuss with you the work we do to support Canadian businesses in supply chains and international markets. I look forward to sharing data and insights on the context and the conditions in which Canadian businesses are operating. I'm joined today by the EDC chief economist, Stuart Bergman.
As Canada's export credit agency, we operate with a mandate to support and grow the country's export trade. We do this through a suite of financial solutions to help mitigate risks for Canadian exporters and investors, as well as through knowledge products like webinars and digital content. Together, these offerings give Canadian companies the tools they need to reduce financial risk, and the capital to enter and invest in new markets with confidence and to grow internationally.
As the committee may be aware, EDC operates on commercial terms, and throughout our 80-year history, we've been consistently profitable. We ensure complementarity with the private sector, both bankers and insurers.
EDC's contribution to the Canadian economy relies on the hard work of exporters in virtually all sectors of the Canadian economy and companies of all sizes, from micro to large, as well as our under-represented groups in trade.
In order to best serve all of these businesses, we have 16 offices across Canada, from British Columbia to Nova Scotia. To ensure that we are meeting the country's exporters where they want to go and where we see the greatest potential for businesses and for the Canadian economy, we have 23 representations in international markets, with three more scheduled to open in 2024. EDC is putting feet on the ground in so many regions and markets worldwide, and it's because of the growing number of Canadian companies operating in those markets, as well as the potential of those markets.
We are confident that our medium-term and long-term plans will help make Canada and the world better through trade. In fact, last year, our economics team enlisted the support of Statistics Canada to help better understand the value proposition we provide to Canadian exporters. This seminal study found that Canadian exporters receiving EDC support generated 22% more revenue, had 15% higher employment and had 5% greater employee productivity than similar exporters that were not EDC customers.
Still, as everyone in this room knows, Canadian businesses have faced many serious challenges for several years now.
Although the direct effects of the pandemic and the war in Ukraine started to wane in 2023, we still saw high inflation, rising interest rates, another war, slowing domestic demand, and weaker-than-expected growth from our largest trading partner, the United States. These were real challenges that caused real difficulties for our customers, but at the same time, the breadth of international opportunities has never been greater. At EDC, we're working to ensure that the country's exporters are primed to seize the opportunity.
For example, we're expecting to see Canada's natural resources and world-leading clean technologies play a key role in the ongoing global energy transition. EDC is a steadfast supporter of this sector, having worked with more than 440 Canadian clean-tech businesses in 2023. Together, we facilitated a record $12.2 billion in exports, foreign investment and trade-development activities for these companies.
We are also seeing new commercial partnerships in rapidly growing regions, giving Canadian exporters more reasons to diversify beyond our long-standing trade partners. To support this opportunity, EDC has devoted teams to the markets and regions where we see local demand dovetail seamlessly with strong Canadian capabilities.
Another significant opportunity lies in Canada's standing as one of the world's most agriculturally self-sufficient countries. This distinction means that Canada's agri-food supply chain has a critical role to play in feeding an increasingly resource-constrained world. Given Canada's abilities and strong reputation in the sector, EDC selected it as one of our priority sectors, alongside clean tech, advanced manufacturing and digital industries, as well as other natural resources.
Thank you for giving me time to share some information regarding Export Development Canada and international trade.
I look forward to offering more information and details as the meeting progresses.
Thank you, Madam Chair.