EX-IM BANK, FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY SIGN MEMORANDUM OF UNDERSTANDING
FOR IMMEDIATE RELEASE June 22, 2009
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) and the Federation of Indian Chambers of Commerce and Industry (FICCI) today signed an agreement committing to work together to expand the trade relationship between their two countries.
Ex-Im Bank Chairman and President Fred P. Hochberg and FICCI Secretary General Dr. Amit Mitra signed the Memorandum of Understanding (MOU) at a ceremony at Ex-Im Bank headquarters. Also attending the event were FICCI President Harsh Pati Singhania and Minister of Commerce at the Indian Embassy in the United States Banashri B. Harrison.
Despite the credit crisis, the India market continues to see solid economic growth, and offers enormous opportunities for U.S. exporters large and small in expanding exports and maintaining U.S. jobs, Hochberg said at the signing ceremony. In fact, India, in the future, is likely to become Ex-Im Bank's largest market.
Hochberg said the Indian government recognizes that continued investment in critical infrastructure is the clear path to 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. He noted that India's Ministry of Finance estimates more than $500 billion will be needed to achieve this modernization.
The MOU calls on Ex-Im Bank and FICCI 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.
Hochberg said FICCI, with a nationwide membership of over 1,500 Indian corporations and over 500 chambers of commerce and business associations, can greatly widen Ex-Im Bank's access to the India market. And we at Ex-Im Bank will do everything we can to help increase FICCI's access to U.S. exporters. 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.
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.