The Export-Import Bank of the United States (US Ex-Im) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have signed an agreement committing to work together to expand the trade relationship between their two countries.
The memorandum of understanding (MOU) calls on US Ex-Im and FICCI 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.
“Despite the credit crisis, the India market continues to see solid economic growth, and offers enormous opportunities for US exporters large and small in expanding exports and maintaining US jobs,” said US Ex-Im chairman and president Fred Hochberg at the signing ceremony. “In fact, India, in the future, is likely to become US Ex-Im’s largest market.
Hochberg said the Indian government “recognises that continued investment in critical infrastructure is the clear path to modernisation. 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 noted that India’s ministry of finance estimates more than US$500bn will be needed to achieve this modernisation.
Hochberg said FICCI, with a nationwide membership of over 1,500 Indian corporations and over 500 chambers of commerce and business associations, can greatly widen US Ex-Im‘s access to the India market. “And we at US Ex-Im will do everything we can to help increase FICCI’s access to US 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 Limited 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.
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