Ex-Im Bank, Indian chambers sign MOU

The U.S. Export-Import Bank and the Federation of Indian Chambers of Commerce and Industry on Tuesday signed an agreement committing them to work together to expand trade relations between the two countries.
  

“Despite the credit crisis, the India market continues to see solid economic growth, and offers enormous opportunities for U.S. exporters large and small in expanding exports and maintaining U.S. jobs,” said Bank President Fred P. Hochberg, in a statement.
  

Hochberg said the Indian government “recognizes that continued investment in critical infrastructure is the clear path to 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.”
  

India’s Ministry of Finance estimates more than $500 billion will be needed to achieve this modernization.

 

The MOU calls on Ex-Im Bank and the Indian chambers federation to exchange information on business opportunities for U.S. exporters and Indian buyers, and to cooperate on workshops and other initiatives to widen understanding of their respective programs.
  

The Indian chambers federation has a nationwide membership of more than 1,500 Indian companies and more than 500 chambers of commerce and business associations.
  

Recent Ex-Im Bank financing of U.S. exports to India has included a $2.1 billion long-term loan guarantee for National Aviation Co. of India Ltd. to buy Boeing planes, a $400 million long-term loan guarantee to support U.S. exports for India’s onshore and offshore oil and gas exploration and production, and support for U.S. small business exports such as photovoltaic fabrication equipment. Ex-Im Bank’s current exposure in India totals $3.9 billion.

 

(Source: American Shipper)