FOR IMMEDIATE RELEASE November 17, 2014
Lawton King (202-565-3408)
Washington, D.C. - Export-Import Bank of the U.S. (Ex-Im Bank) Chairman Fred P. Hochberg is visiting India this week to promote made-in-America exports in support of U.S. jobs.
The U.S. and India share complementary aspirations when it comes to our economic future, said Chairman Hochberg. When quality American goods and services are deployed to buyers in India, their nation benefits from increased capacity and a reliable foundation for long-term economic growth—and the U.S. benefits by creating new jobs back home.
Today, Chairman Hochberg delivered comments at a roundtable hosted by the U.S.-India Business Council, where he discussed energy growth, especially when it comes to the renewable energy sector, and infrastructure expansion in India and what role U.S. companies can play in both. He also addressed similar subjects at the Federation of Indian Chambers of Commerce and Industry later in the day.
In addition, Chairman Hochberg held a lunch with Indian businesswomen, to learn more about the challenges and opportunities they have in starting and growing a business in the country.
Throughout his trip, Chairman Hochberg has also taken the opportunity to highlight how Ex-Im Bank's financing tools have enabled American businesses both large and small to export their products to India.
Some examples include:
Polyguard, of Ennis, Texas, employs 120 people and manufactures corrosion-preventing and waterproof linings for industrial processes and pipelines. The company utilizes Ex-Im trade credit insurance and is exporting to 34 countries. Since making use of Ex-Im insurance, the company's export sales have increased by more than 230 percent.
Preferred Popcorn of Chapman, Nebraska is a small-business vendor that exports popcorn, concessions supplies, and coconut oil to India and other international markets. Started in 1998, the company currently employs 40 people in Nebraska, Indiana, Illinois, Ohio, and Kentucky. Since its founding, the company has relied upon Ex-Im Bank products and now fills orders in 60 countries around the globe. As a consistent policy holder of Ex-Im Bank export credit insurance, Preferred Popcorn has watched its sales mount to $43 million, 50 percent of which are export-related. Moreover, Ex-Im Bank support has translated into approximately 25 new jobs.
Tomorrow, Chairman Hochberg will attend and give keynote remarks at the India-U.S. Technology Summit. The Summit will be an opportunity for businesses, research institutions and government agencies from both countries to exchange ideas and forge new partnerships to increase trade and investment in the knowledge sector. Chairman Hochberg's remarks will focus on the mutual benefits that can be realized by choosing quality U.S. goods and American innovation.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, Ex-Im Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by clicking here. For more information about Ex-Im, visit www.exim.gov.