FOR IMMEDIATE RELEASE September 9, 2019
Kristin Rudman (202) 565-3201
NAM President & CEO Jay Timmons and EXIM President & Chairman Kimberly A. Reed discussed how EXIM is a vital tool for supporting manufacturing jobs in the United States.
Chairman Reed spoke with company executives and industry leaders during a roundtable discussion with the National Association of Manufacturers and its Council of Manufacturing Associations. The conversation focused on how EXIM can help provide support for businesses of all sizes in the agriculture and manufacturing sectors compete globally and grow through the export of “Made in the USA” goods and services.
“President Trump has made bringing back manufacturing jobs to the United States a top priority of his administration, adding more than 500,000 jobs since assuming office,” said EXIM President and Chairman Kimberly A. Reed. “It is a privilege to participate in the National Association of Manufacturers’ roundtable discussion today with agriculture, commodity, and other manufacturing leaders on how the Export-Import Bank of the United States can do its part to help achieve the president’s agenda of creating American jobs, boosting the economy of the United States, and also helping businesses thrive in the global marketplace.”
Reed added, “The food and beverage industry accounts for about 13 percent of all U.S. manufacturing employment. Since 2014, EXIM has supported agriculture exports valued at more than $3.6 billion. These products reflect the diversity and complexity of the agriculture industry – from commodity shipments, livestock feed and farm equipment, to dried fruits and vegetables, deli meats and frozen seafood. From our farmers, ranchers, and producers in rural areas all across America to the manufacturers and processors nationwide who help get food to our dinner tables, EXIM is here to support these important American industries and businesses and I look forward to continuing this important dialogue and outreach.”
“Over the past several years, the Export-Import Bank has fueled over 1.7 million jobs and empowered manufacturers in America to more aggressively compete against the more than 100 foreign export credit agencies seeking to grow their economies at the expense of ours,” said National Association of Manufacturers President and CEO Jay Timmons. “Manufacturers have had a strong partner in Chairman Reed and look forward to working with her to continue to boost exports and strengthen manufacturing in America.”
EXIM provides a portfolio of solutions for U.S. businesses, including export credit insurance to minimize nonpayment risk and improve cash flow, working capital guarantees to provide credit lines for producing goods and services, and term financing to support international buyers in purchasing American capital goods and services. From 2009 to 2018, EXIM has provided $40.8 billion in manufacturing authorizations, accounting for 22 percent of the agency's total authorizations.
The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.8 million men and women, contributes $2.38 trillion to the U.S. economy annually, has the largest economic multiplier of any major sector, and accounts for more than three-quarters of private-sector research and development. NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States.
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.