Export-Import Bank Of India Inks Trade Facilitation Pact With U.S. Body

Thursday, July 31, 2014
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MUMBAI: Export-Import Bank of India (Exim Bank) entered into a partnership with a U.S. government body to help and advice domestic companies interested in investing in the world's largest economy.

Exim Bank Chairman and Managing Director Yaduvendra Mathur signed a memorandum of intent (MoI) with 'SelectUSA', a trade facilitation body under the U.S. Commerce Department which has a mandate to attract investments in America.

The premier export finance agency and SelectUSA will seek to act as central points of contact for both existing as well as potential investors who seek investment opportunities and information, a statement from Exim Bank said.

The arrangement "will open up doors for domestic companies to grow their business in the U.S. in so many new ways that was unimaginable in the past," SelectUSA Executive Director Vinai K Thummalapally said after signing of MoI.

Thummalapally, originally from Hyderabad and the first Indian-American to become a U.S. ambassador (he is currently envoy to Belize), said financing from Exim Bank and assistance from SelectUSA will help the Indian companies realise their full potential.

"With the synergy in trade and investment relations between India and the U.S., Exim Bank continues to fully support outward-oriented domestic companies in their ventures in the U.S.," Mathur said.

The agreement was signed at an event addressed by visiting U.S. Commerce Secretary Penny Pritzker in the financial capital. It comes on the eve of fifth Indo-U.S. Strategic dialogue to be held in Delhi.

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Source: PTI
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