Trade Mission of US Export-Import Bank Seeks New Opportunities of Export for American Companies

2011/11/08

Beijing—Fred P. Hochberg, CEO & President of US Export-Import Bank, is paying a visit to China with a business development delegation from November 5th to 10th. Mr Hochberg plans to hold public sessions in Beijing, Tianjin and Shanghai in order to promote President Obama’s “National Export Initiative”, and to seek opportunities for American companies of exporting more products and services to China, a constantly growing market.
 
“The relationship between China and the United States is unique, stable and long-term. That’s why the US Export-Import Bank supports the programs beneficial to both sides. In the past ten years, though the US export to China has increased, China actually only accounts for 2% in all our business. Obviously, this number needs to be improved. American export companies have enormous business opportunities in China, which I’ve already seen with my own eyes. The US Export-Import Bank will continue to encourage American companies to further exploit this lively market.” Mr Hochberg said.
 
During his stay in Beijing, Mr Hochberg will meet Luo Jiahui—the US ambassador in China, and representatives from various business organizations of China, including Li Yong—Vice Minister of Ministry of Finance, Zhang Xiaoqiang—Deputy Director of National Development and Reform Committee and Li Ruogu—President of China Export-Import Bank. He will also attend the round-table meeting of the American Chamber of Commerce.
 
Mr Hochberg indicated that the purpose of his meeting with the Ministry of Finance of China was “to reinforce that we attach great importance to the establishment of a cooperative relationship with the Ministry of Finance of China according to the ‘Framework Agreement’ signed in 2005, and to emphasize on the significance of the bilateral trade and investment relations between China and US”.
 
So far, the US Export-Import Bank has issued 15 sovereignty secured loans, the amount of which is 254 million dollars. The bank issued two new sovereignty secured loans this summer according to the “Framework Agreement”. The total amount of the two loans is 74 million dollars which was used to export over 250 cotton reaping machines to Xingjiang Agricultural Reclamation Group. What’s more, two potential medical trades amounting to about 60 million dollars are under negotiation.
 
(Source: China IP)