Ex-Im Bank pact to boost U.S. exports to India
The U.S. Export-Import Bank and Confederation of Indian Industry on Monday signed an agreement committing to work together to expand trade between the two countries.
It's the second agreement of its type entered recently between the bank and an Indian industry group. Last month, Ex-Im Bank signed a cooperation agreement with the Federation of Indian Chambers of Commerce.
'India continues to see solid economic growth despite the worldwide economic downturn, and offers enormous opportunities for both large and small U.S. companies to expand exports and maintain or create new U.S. export-related jobs,' said Fred P. Hochberg, Ex-Im Bank chairman and president, in a statement.
Hochberg said India's Ministry of Finance estimates more than $500 billion would be needed to achieve this 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 said.
Ex-Im Bank's current exposure in India totals $3.9 billion.
The agreement between Ex-Im Bank and Confederation of Indian Industry calls for an exchange of information on business opportunities for U.S. exporters and Indian buyers, and to cooperate on workshops and other initiatives to increase understanding of their respective programs.
The bank and confederation will hold a joint seminar this Friday in Kolkata, India's second-largest city and the capital of West Bangal. Presentations at the event will cover all of Ex-Im Bank's trade finance products. Since 2007, the bank and confederation have conducted joint seminars in New Delhi, Mumbai, Hyderabad, Pune and Chennai.
The Confederation of Indian Industry was started 114 years ago and has direct membership of more than 7,800 organizations from the private as well as public sectors, and an indirect membership of more than 90,000 companies from about 385 national and regional associations.