Officials to Advance Economic Growth, Highlight U.S. Engagement in the Region
FOR IMMEDIATE RELEASE November 18, 2020
Office of Communications (202-565-3207)
WASHINGTON – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed will visit Vietnam and the Philippines from November 18 to 24 as part of a U.S. delegation led by National Security Advisor Ambassador Robert O’Brien to advance economic growth and national security cooperation in the region. The delegation also will meet with U.S. officials in Alaska and Hawaii.
“Southeast Asia is a region of importance for the national security and economic interests of the United States. I look forward to meeting our partners and friends in Vietnam and the Philippines to discuss ways to strengthen our bilateral relationships and support a free and open Indo-Pacific region,” said Ambassador O’Brien.
“During my previous visit to the Indo-Pacific region, I heard loud and clear from both government and industry that the Export-Import Bank of the United States has a targeted role to play when it comes to supporting trade, economic growth, prosperity, and jobs in both Southeast Asia and the United States. Building on those meetings, I am honored to join Ambassador O’Brien in important discussions with leaders in Vietnam and the Philippines,” said Chairman Reed. “EXIM stands ready to support the export of high-quality ‘Made in the USA’ goods and services to the region, including through our new ‘Program on China and Transformational Exports.’”
While in Southeast Asia, Chairman Reed will meet with government officials and business leaders to discuss how EXIM can support U.S. exports to these nations. She also will discuss EXIM’s historic, seven-year Congressional reauthorization, which was signed into law by President Trump on December 20, 2019. This legislation directs EXIM to establish a “Program on China and Transformational Exports” to “support the extension of loans, guarantees, and insurance, at rates and on terms and other conditions, to the extent practicable, that are fully competitive with rates, terms, and other conditions established by the People’s Republic of China[.]” The Program focuses on advancing the comparative leadership of the United States with respect to China and also supports U.S. innovation, employment, and technological standards through direct exports in key industries, including 5G, financial technology, renewable energy, biomedical sciences, biotechnology, artificial intelligence, and advanced computing.
This visit to Southeast Asia will build upon Chairman Reed’s previous discussions—including with Prime Minister of Vietnam Nguyen Xuan Phuc—that took place during a U.S. delegation visit to Indonesia, Vietnam, and Burma in October. A key outcome from last month’s visit took place earlier today in Washington, D.C., when Chairman Reed, on behalf of EXIM, signed a $750 million Memorandum of Understanding with the Republic of Indonesia’s Ministry of Finance and Ministry of Planning. The MOU promotes U.S. exports in information and communications technology, energy, infrastructure, health care, and other critical sectors.
Ambassador O’Brien and Chairman Reed recently authored a joint op-ed entitled “Battling China’s Predatory Economics to Bring Back Jobs” which was published by Fox Business in October. In the piece they wrote, ‘The PRC’s One Belt One Road initiative projects are characterized by poor quality, corruption, imported labor, and environmental degradation. These deals often leave host countries debt-strapped and beholden to their PRC financiers. If the U.S. is to combat China’s latest form of aggression, we must step up our export financing game. Roughly three-quarters of world purchasing power and over 95 percent of world consumers are outside America’s borders. Enter, the Export-Import Bank of the United States (EXIM), which can play a central role in leveling the global marketplace for American exporters and supporting American jobs.’”
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.