FOR IMMEDIATE RELEASE February 16, 2000
Marianna Ohe (202) 565-3200
James A. Harmon, chairman of the Export-Import Bank of the United States (Ex-Im Bank), will visit India Feb. 19-25 to explore ways to partner with India's government, business and banking sectors to increase US exports to that important market. Harmon will visit New Delhi Feb. 19-22, Chennai Feb. 22-23, and Mumbai Feb. 23-25.
The time has come to explore our common goals and interests and build a new, dynamic partnership that will promote economic and job growth in both India and the United States, said Harmon, the first Ex-Im Bank chairman to visit India since 1992.
Harmon will meet with representatives of the Indian government and US and Indian private companies and banks to discuss ways to increase Ex-Im Bank financing to government and private sector buyers of US goods and services.
Ex-Im Bank is open under all of its loan, guarantee and insurance programs in both the public and private sectors in India. Through these programs Ex-Im Bank provides Indian buyers with affordable financing to buy raw materials and a wide range of capital goods including industrial, construction, telecommunication, transportation, computer, medical and other high- technology equipment and services.
Harmon cited the advance of both countries in high-technology markets as an opportunity for major cooperation: I am convinced that the developing global economy provides a compelling impetus for India and the United States to become strategic business allies and natural markets for each other's high-technology products.
Ex-Im Bank's relationship with India goes back more than 40 years. Since 1990, Ex-Im Bank has increased its support for Indian buyers more than twelve-fold to $1.8 billion in outstanding loans and guarantees.
Ex-Im Bank is an independent US government agency that helps finance the sale of US exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. Worldwide in fiscal year 1999, Ex-Im Bank supported nearly $17 billion in exports.