Manufacturing Working Group Discusses How U.S. Can Maintain Its Competitive Edge
FOR IMMEDIATE RELEASE June 29, 2011
Jamie Radice, (202) 565-3200
Chicago, Illinois - Fred P. Hochberg, the chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), today participated in the Clinton Global Initiative America (CGI) meeting. More than 600 business, nonprofit, and government leaders came together to develop ideas on how to boost economic growth and create jobs in the United States.
The Clinton Global Initiative has improved the lives of millions of people around the world, said Chairman Hochberg. I was pleased to participate in CGI's Manufacturing Working Group session, where we discussed how the U.S. can maintain its competitive edge. Last year, more than 85% of the Bank's portfolio went to finance export sales by U.S. manufacturers, and we will continue to support projects that create and sustain U.S. jobs.
CGI's Manufacturing Working Group participants included Bruce Katz, director, Metropolitan Policy Program, The Brookings Institution; Birgit Klohs, president and CEO, The Right Place; and Chairman Hochberg. The group focused on how cluster strategies, export promotion, and foreign direct investment can foster sustainable growth in U.S. manufacturing.
About Ex-Im Bank
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.
Last year, more than 80% of the Bank's financing, or $19.5 billion, were authorizations in support of the manufacturing sector.
In the first eight months of fiscal year 2011, Ex-Im Bank approved $20.3 billion in total financing authorizations, a 25% increase since fiscal year 2010, supporting $26 billion in U.S. export sales and more than 175,000 American jobs in communities across the country. During the same period in fiscal year 2010, Ex-Im Bank approved $16.3 billion, supporting $19.9 billion in U.S. export sales and 137,000 American jobs.