FOR IMMEDIATE RELEASE July 13, 2009
Phil Cogan (202) 565-3200
NEW DELHI, INDIA - The Export-Import Bank of the United States (Ex-Im Bank) and the Confederation of Indian Industry (CII) Monday signed an agreement committing to work together to expand the trade relationship between their two countries.
Underscoring the importance that Ex-Im Bank assigns to the Indian market,this is the second pact of its type signed during the past month with a key Indian industry group. Chandrajit Banerjee,CII director general,and Ex-Im Bank Director Diane Farrell signed the agreement in New Delhi.
India continues to see solid economic growth despite the worldwide economic downturn,and offers enormous opportunities for both large and small U.S. companies to expand exports and maintain or create new U.S. export-related jobs, said Ex-Im Bank Chairman and President Fred P. Hochberg.
He noted that India's Ministry of Finance estimates more than $500 billion will be needed to achieve this modernization.
Ex-Im Bank stands ready to support this development by financing the export of high-quality U.S. equipment,technology and services to Indian buyers, Hochberg said.
The MOU calls on Ex-Im Bank and CII to exchange information on business opportunities for U.S. exporters and Indian buyers,and to cooperate on workshops and other initiatives to widen understanding of their respective programs.
Ex-Im Bank Director Diane Farrell,currently on a business development trip to India,said partnering with CII will help Indian buyers access the U.S. market and Ex-Im Bank financing. It's a win for both Indian buyers and American exporters. Farrell noted that Ex-Im Bank has had a valuable,on-going relationship with CII.
CII and Ex-Im Bank will hold a joint seminar this Friday in Kolkata (formerly Calcutta),India's second largest city and the capital of West Bengal. Presentations at the event will cover all of Ex-Im Bank's trade finance products.
Since 2007 CII and Ex-Im Bank have conducted joint seminars in New Delhi,Mumbai,Hyderabad,Pune and Chennai.
CII describes itself as a non-government,not-for-profit,industry-led and industry- managed organization,playing a proactive role in India's development process. The business association was founded over 114 years ago and has a direct membership of over 7800 organizations from the private as well as public sectors,including small- and medium-sized enterprises and multi-national corporations,and an indirect membership of over 90,000 companies from around 385 national and regional associations.
Recent Ex-Im Bank financing of U.S. exports to India has included a $2.1 billion long-term loan guarantee for National Aviation Company of India Limited to buy Boeing Aircraft,a $400 million long-term loan guarantee to support U.S. exports for India's onshore and offshore oil and gas exploration and production,and support for U.S. small business exports for such products as photovoltaic fabrication equipment.
Ex-Im Bank's current exposure in India totals $3.9 billion.
Last month Ex-Im Bank signed a similar cooperation agreement with the Federation of Indian Chambers of Commerce (FICCI).
Ex-Im Bank is the official export-credit agency of the United States. The independent,self-sustaining federal agency,now in its 75th year,helps create and maintain U.S. jobs by financing the sale of U.S. exports,primarily to emerging markets throughout the world,by providing loan guarantees,export-credit insurance and direct loans. In fiscal year 2008,Ex-Im Bank authorized $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. Eighty-six percent of nearly 2,328 transactions directly benefited small-business exporters.