Initiative Focuses on Supporting Transformative U.S. Exports and Jobs, Advancing America’s Comparative Leadership in the World, and Competing with China in the Global Marketplace
FOR IMMEDIATE RELEASE May 6, 2020
Office of Communications (202) 565-3201
WASHINGTON – The Export-Import Bank of the United States (EXIM) today announced the launch of its “Strengthening American Competitiveness” initiative. It will begin with a kick-off series of teleconferences with American businesses and stakeholders, and will focus on how EXIM can support “Made in the U.S.A.” exports—and the U.S. jobs that make them possible—as U.S. companies seek to compete and win in the global marketplace.
The Strengthening American Competitiveness initiative will help set the foundation for EXIM’s new Program on China and Transformational Exports by focusing on a variety of key U.S. industries. The schedule of engagements is as follows:
- May 7, 2020 – Renewable energy
- May 14, 2020 – Wireless communication (5G)
- May 21, 2020 – Biotechnology and biomedical sciences
- May 28, 2020 – Semiconductors
- June 11, 2020 – Artificial intelligence; high-performance and quantum computing
- June 18, 2020 – Water treatment and sanitation
- June 25, 2020 – Emerging financial technologies
- July 9, 2020 – Space technology
The United States Congress, as part of the historic 2019 EXIM reauthorization legislation, underscored the importance of EXIM when it comes to advancing U.S. comparative leadership in the world with respect to China and supporting America’s innovation, employment, and technological standards through supporting U.S. exports. Congress mandated that EXIM establish a “Program on China and Transformational Exports,” and set a goal of reserving not less than 20 percent of EXIM’s total financing authority, equal to $27 billion, for U.S. exports that compete with China.
“America is rightly focused on the fight against the COVID-19 pandemic. That said, as we vigorously support U.S. jobs and the American economy, we also need to be mindful of what transpired in the global marketplace over the past several years when it comes to China’s predatory economics. U.S. exporters in industries ranging from telecommunications (5G) to biotechnology to quantum computing face daily challenges from China as they seek to sell their products around the world,” said EXIM President and Chairman Kimberly A. Reed. “Congress recognizes the threat posed by China, and through our bipartisan reauthorization, charged EXIM to take action to support these vital industries. This is a top priority for EXIM as we work to advance U.S. innovation and promote American job growth through exports.”
Critical to this new initiative is EXIM Counselor to the Chairman and Senior Vice President of the Program on China and Transformational Exports, David Trulio, a national security and former business executive who recently came to EXIM from the Department of Defense (DoD).
“The central challenge to U.S. prosperity and security is the reemergence of long-term, strategic competition with revisionist powers such as the People’s Republic of China,” said Trulio. “I’m thankful to join the EXIM team at such a consequential time, and as I did at DoD, to continue to sharpen America’s competitive edge right here at EXIM.”
“EXIM will play a key role in advancing U.S leadership in transformational technologies around the globe,” said Richard Powell, executive director of Clearpath, and member of EXIM’s Advisory Committee. “Making investments in advanced industries such as clean energy will promote national security, energy security, and human health – all while building America's competitive position around the globe.”
“It is great to see EXIM proactively helping U.S. industry counter competition from China. If the U.S. doesn’t maintain leadership in its strategic sectors and supply chains now, then it will become even harder to do so in the future,” said Alex Sanchez, President and CEO of the Florida Bankers Association and member of EXIM’s Advisory Committee. “Chairman Reed has been promoting American companies and exports since the day she was sworn in as the head of the EXIM bank.”
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 have 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.