Thank you, Madam Chair.
I'd like to thank the witnesses for accepting our invitation. I imagine you didn't really have a choice, but we're pleased to have you here. The study we're conducting here is important. I'm the one who moved the motion for this study because I wanted to have the opportunity to speak with you. The two institutions you represent play an essential role. I've worked in commercial banking, and I've seen projects carried out through EDC and BDC. You play a truly essential role for our Canadian businesses.
As my colleagues know, two of the words that have come up most often since I joined the Standing Committee on International Trade are “predictability” and “unpredictability”. All the businesses we've met with talk only about that. However, the world has changed. Many international experts have appeared before us and told us that it could stay like this for a very long time. Having worked in banking, I know that these are often cycles. The cycle slows down, and then investment picks back up. However, in this kind of unstable context, which is likely to last for a long time, adjustments will likely be needed, both on the banks' side and on your side.
I've read your annual reports. For example, I very much appreciated EDC's report. There is one sentence I would like to quote. It's something we've heard often, but it sums up the situation well. It's under the heading “Global trade is evolving”. It says, “Contrasting trends are at play in global trade, with protectionist and liberalizing forces evident in different markets and regions”. Your strategic priorities are clear.
The same applies to BDC. In the section entitled, “Redefining bankable”, you compare data between 2020 and 2025. It shows that you are closely monitoring changes.
Having said that, I will now turn to my question. It's for both organizations, so you can answer it in turn.
There's a before and an after. What I mean, for instance, is that you made some changes at BDC between 2020 and 2025, and we can see the trend between 2020 and 2025 with regard to SMEs. However, this was a process that began in 2018-19, before those changes were implemented.
Here's what I would like to know today. Given the changes we've been experiencing over the past year and a half to two years, what measures are you currently considering or implementing that differ from what you were doing before to address these changes, which are not temporary and may well be permanent?
I'd like to make one final comment. If you don't have the answers today, that's fine; you can provide us with detailed answers later. I would ask you to provide concrete, down-to-earth answers. I say this because, when we met with representatives from the Canadian Bankers Association and asked them a similar question, they were 50,000 feet up in the air. It was too far removed.
We know that the majority of businesses you can serve are SMEs. I'd like you to tell us about the concrete actions you're currently implementing or plan to implement, not what you did in the past, to adjust and help our businesses export, diversify their markets and move into new sectors. I'm thinking of BDC, which can adapt and finance sectors that weren't previously financed. I'm thinking of defence, for example.
My question is quite broad. I hope it will allow us to have a meaningful discussion today about how you plan to support SMEs. Your two organizations can act in a complementary way in this regard.
I'll leave it at that. I'll give you time to answer the question.
Who wants to start? It could be Ms. Dorval or Mr. Winterhalt.