The Export-Import Bank of the United States (US Ex-Im) and the Confederation of Indian Industry (CII) have signed an agreement committing to work together to expand the trade relationship between their two countries.
Underscoring the importance that US Ex-Im assigns to the Indian market, this is the second pact of its type signed during the past month with a key Indian industry group. Chandrajit Banerjee, CII director general, and US Ex-Im director Diane Farrell signed the agreement in New Delhi.
"India continues to see solid economic growth despite the worldwide economic downturn, and offers enormous opportunities for both large and small US companies to expand exports and maintain or create new US export-related jobs," says US Ex-Im chairman and president Fred Hochberg. .
“US Ex-Im stands ready to support this development by financing the export of high-quality US equipment, technology and services to Indian buyers," he adds.
The MOU calls on US Ex-Im and CII to exchange information on business opportunities for US exporters and Indian buyers, and to cooperate on workshops and other initiatives to widen understanding of their respective programmes.
US Ex-Im director Diane Farrell, comments: “Partnering with CII will help Indian buyers access the US market and US Ex-Im financing. It’s a win for both Indian buyers and American exporters.”
Recent US Ex-Im financing of US exports to India has included a US$2.1bn long-term loan guarantee for National Aviation Company of India to buy Boeing aircraft, a US$400mn long-term loan guarantee to support US exports for India's onshore and offshore oil and gas exploration and production, and support for US small business exports for such products as photovoltaic fabrication equipment.
US Ex-Im’s current exposure in India totals US$3.9bn. Last month, US Ex-Im signed a similar cooperation agreement with the Federation of Indian Chambers of Commerce (FICCI).
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