Mumbai: Chairman & Managing Director of Export-Import Bank of India (Exim Bank) Mr. Yaduvendra Mathur and Executive Director of SelectUSA Mr. Vinai Thummalapally signed a Memorandum of Intent (MOI) on July 30, 2014, in the presence of US Secretary of Commerce Ms. Penny Pritzker, to encourage collaboration to promote Indian investment to the United States.

SelectUSA is the first US government-wide programme to promote and facilitate business investment in the United States. Exim Bank is actively involved in facilitating and supporting India’s bilateral trade and investment relations with partner countries including the United States.

“This new collaboration between the Export-Import Bank of India and SelectUSA will open up doors for Indian companies to grow their business in the United States in so many new ways that was unimaginable in the past,” said Vinai Thummalapally, “The availability of financing from the Bank and the assistance of SelectUSA will allow these companies to realize their full potential.”

Mr. Mathur reaffirmed that, “with the synergy in bilateral trade and investment relations between India and the US, Exim Bank continues to fully support outward oriented Indian companies in their ventures in the US”.  He opined that this collaboration with SelectUSA would strongly add to its endeavors.”

This MOI serves as an important deliverable as the United States engages with India’s new government. US Secretary of Commerce Penny Pritzker witnessed the signing as a precursor to the US-India Strategic Dialogue in New Delhi on July 31, 2014. The MOI is a component of advancing commercial ties between the two countries.

The MOI reinforces the strong commercial relationship between the two countries. Under the terms of the MOI, both parties will seek to act as central points of contact for existing and potential investors who seek investment opportunities and information on bilateral investment flows. The parties also aim to collaborate on programming in India and the United States for existing and potential investors to the United States.

Source: Sachin Murdeshwar