Washington: 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.