Discusses Partnership with EXIM to Advance U.S. Comparative Leadership, Counter Chinese Export Subsidies
FOR IMMEDIATE RELEASE August 21, 2020
Office of Communications (202) 565-3207
WASHINGTON – Export-Import Bank of the United States (EXIM) recently concluded its “Strengthening American Competitiveness” initiative (the Initiative), a highly productive and informative series of engagements with over 1,100 exporters and stakeholders in sectors key to long-term U.S. prosperity and security. The insights and feedback from the Initiative are playing a crucial role in ensuring EXIM’s Program on China and Transformational Exports (the Program) is best positioned to deliver on EXIM’s mission to support American jobs by facilitating U.S. exports.
The Program, established in EXIM’s historic seven-year reauthorization signed into law by President Trump on December 20, 2019, directs EXIM to provide financial products to directly neutralize export subsidies offered by the People’s Republic of China, helping to ensure a level playing field for U.S. businesses and workers as they compete globally. The Program has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally in ten transformational export industries including emerging financial technologies.
The Initiative included targeted outreach to exporters in transformational export industries, culminating in eight teleconferences hosted by EXIM President and Chairman of the Board of Directors Kimberly A. Reed.
“These transformational exports drive growth in the United States economy, enhance our economic and national security, and improve our quality of life,” said Chairman Reed. “EXIM’s new Program on China and Transformational Exports is a crucial tool to advance U.S. leadership around the world, and the Strengthening American Competitiveness initiative was an important early step in getting this effort off the ground. I am committed to working with the private sector and our interagency partners to ensure the United States continues support American workers and lead in these critical sectors.”
“We owe thanks to the participating U.S. exporters, stakeholders, and interagency partners for their time, creativity, and numerous insights on how the Program can best fulfill its mandate. Their contributions position us collectively to identify and execute deals in the face of fierce global competition from Chinese state-backed entities,” said David Trulio, Senior Vice President for the Program on China and Transformational Exports.
Topics, call recordings, and fact sheets can be found below.
|Renewable Energy||Fact Sheet – Renewable Energy||Call Recording|
|Wireless Communication (5G)||Fact Sheet – Wireless Communication||Call Recording|
|Artificial Intelligence, High-Performance Computing, and Quantum Computing||Fact Sheet – Artificial Intelligence
Fact Sheet – High-Performance Computing
Fact Sheet – Quantum Computing
|Water Treatment and Sanitation||Fact Sheet – Water Treatment and Sanitation||Call Recording|
|Space Technology||Fact Sheet – Space Technology||Call Recording|
|Biotechnology and Biomedical Sciences||Fact Sheet – Biotechnology
Fact Sheet – Biomedical Sciences
|Semiconductors||Fact Sheet - Semiconductors||Call Recording|
|Emerging Financial Technologies||Fact Sheet – Emerging Financial Technologies||Call Recording|
Below you will find what EXIM’s private-sector and interagency partners are saying about the Initiative and EXIM’s support of transformational industries:
Richard Powell, Executive Director of Clearpath and member of EXIM’s Advisory Committee: “EXIM will play a key role in advancing U.S leadership in transformational technologies around the globe. 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.”
Alex Sanchez, President and CEO of the Florida Bankers Association and member of EXIM’s Advisory Committee: “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. Chairman Reed has been promoting American companies and exports since the day she was sworn in as the head of the EXIM bank.”
Rodney Ferguson, President and CEO of Winrock International and a member of EXIM’s Advisory Committee: “Maintaining and expanding the U.S.’ leadership in renewable energy is an economic and strategic imperative for our country. With renewable energy use growing much faster over the past decade than originally projected, and predictions of even faster growth in the decades ahead, renewable energy infrastructure and technology exports represent a tremendous opportunity for U.S. businesses.”
Slav Gatchev, Managing Director of Delphos International: “EXIM can lead the world’s Export Credit Agencies in spurring sustainable, private sector-led growth overseas and thus supporting employment and innovation in the U.S. We salute EXIM’s willingness to launch new products and reimagine its programs and operations to make them more flexible and attractive to U.S. exporters and their global buyers in today’s integrated and competitive economy.”
Maj Gen Robert Wheeler, USAF (Ret): “5G is the enabler of artificial intelligence, machine learning and big data - the engine of modern economies and the fuel to western GDP growth.”
Maria Cino, Vice President of Americas & U.S. Government Relations at Hewlett-Packard Enterprise, and a member of EXIM’s Advisory Committee: “Government and the Technology industry are wise to work together to ensure that the U.S. remains a global leader in high performance computing and Artificial Intelligence. Public private partnerships can be a powerful engine for innovation. Engaging the tech sector is critical as we look toward the future because it will inform investment and drive innovation. Other countries including China are trying to catch up with the U.S.’ supercomputing and AI resources, and it’s important that we don’t fall behind.”
Mandy Birch, Senior Vice President of Engineering Strategy at Rigetti Computing: "Establishing the U.S. as the global leader in quantum computing is a shared responsibility between government and industry. Industry is establishing a national quantum industrial base to create a durable advantage in manufacturing and deploying quantum technologies. To ensure long-term economic competitiveness, we value government partnerships to de-risk and support early and sustained access to global markets."
Stephen Rodriguez, Partner at One Defense: “In order to remain the technology leader of the world, the U.S. needs leadership from the public sector, combined with strong buy-in with the private sector. Innovative private-public partnerships are a necessary tool because they encourage government to adopt the best practices and technologies embraced by industry while protecting taxpayers and broader national interests.”
Robert Rebori, President of BioMicrobics, Inc.: “Having access to export financing helps our company clean the water in our world and produce simple, low cost, and robust technologies. EXIM is an important tool for U.S. companies in our sector to create and retain jobs, both directly and indirectly. We’re working toward better water, and a better world.”
Bruce Drossman, Senior Vice President, ECA Deal Advisory at GE Capital: “Maintaining and expanding the U.S. leadership in medical technology is an economic and strategic imperative for our country. EXIM is a critical element of the national toolkit for executing on that mission, as highlighted under the Transformational Exports provision of the Bank’s renewed Charter.”
Pacôme Révillon, CEO at Euroconsult Group: "The global space industry is going through major transformation and breakthrough innovation in an increasingly data centric-world. This context leads to faster decision making, including for the financing process, to capture windows of opportunity. It also relies on the ability to work with a wider diversity of stakeholders and economic models."
Robbie Schingler, Co-Founder and Chief Strategy Officer of Planet: “For U.S. businesses to be at the vanguard of transforming space into a commercial trillion-dollar space economy, we need innovative and forward leaning policies, partnerships and procurements from the public sector. Rethinking how the U.S. Government can support fast moving entrepreneurial companies will enable American companies to successfully compete in a dynamic international marketplace and ensure that the 21st Century space revolution is led by U.S. enterprise.”
Paul Estey, Executive Vice President of Customer Relations for Space Infrastructure at Maxar: "The U.S. Export-Import Bank plays a crucial financing role that helps bring jobs, innovation and revenue to satellite manufacturing businesses across the U.S in the face of strong competition overseas. We are encouraged by EXIM's willingness to increase the speed and flexibility with which it approaches financing space projects, which will in turn increase U.S. competitiveness in the global satellite market."
Fred Phillips, CEO of Investor Cash Management: “EXIM’s support of emerging financial technologies contributes to a more inclusive society in the U.S. and abroad. Through creating quality jobs domestically and making payments more efficient globally, EXIM’s leadership in promoting fintech exports and agility in developing new programs exemplifies the best of government/private sector partnerships.”
Chris M. Fuller, President of Transcard: “The investment and implementation of digital banking products and multi rail offerings is imperative to compete at a global scale. The near-term dynamics of the financial markets are potent, driven by strong customer sentiment, a thriving fintech environment, and unrelenting innovation by the providers of real-time processing platforms. I am pleased to see EXIM Bank put the proper investment and attention in these emerging technologies.”
Heather Reams, Executive Director of Citizens for Responsible Energy Solutions: “At a time when Americans are ready to get back to work and revive our economy, the clean energy sector should lead the way. EXIM can spur that growth by encouraging and facilitating clean energy exports.”
Earlier this year EXIM released its June 2020 Report to the U.S. Congress on Global Export Credit Competition (Competitiveness Report), which underscores the magnitude of Chinese state-backed unfair competition, which undermines our exporters and even puts America at a disadvantage in key sectors critical to our long-term economic and national security. The Report aggregates input from U.S. exporters and lenders as well as EXIM’s counterparts from other countries and comprehensively analyzes official export credit and trade-related finance that was provided last year by governments around the world.
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.