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| UPDATE: Ficci, US Exim sign MoU to expand Indo-US trade ties |
| Lalit K Jha/PTI / Washington Jun 24, 2009, 12:45 IST |
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The Export-Import (Ex-Im) Bank of the United States and the Federation of Indian Chambers of Commerce and Industry (FICCI) today signed an agreement to expand trade relationship between the two countries.
The MoU calls on Ex-Im Bank and FICCI to exchange information on business opportunities for the US exporters and Indian buyers, and to cooperate on workshops and other initiatives to widen understanding of their respective programmes.
At a function held at the Ex-Bank headquarters in Washington, the MoU was signed by the Ex-Im Bank Chairman and President Fred P Hochberg and FICCI Secretary General Amit Mitra. FICCI President Harsh Pati Singhania was also present on the occasion.
"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," Hochberg said.
"In fact, India, in the future, is likely to become Ex-Im Bank's largest market," he said. Ex-Im Bank's current exposure in India totals to $3.9 billion.
Hochberg said the Indian government recognizes that continued investment in critical infrastructure is the clear path to modernisation."Ex-Im Bank stands ready to support this development by financing the export of high-quality US equipment, technology and services to Indian buyers," he said, and noted that the Indian Ministry of Finance estimates more than $500 billion will be needed to achieve this modernisation.
Hochberg said FICCI, with a nation-wide membership of over 1,500 Indian corporations and over 500 chambers of commerce and business associations, can greatly widen Ex-Im Bank's access to the Indian market.
"And we at Ex-Im Bank will do everything we can to help increase FICCI's access to the US exporters."
Recent Ex-Im Bank financing of US exports to India has included a $2.1 billion long-term loan guarantee for the National Aviation Company of India Ltd to buy Boeing Aircraft.
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