Opportunities in India
Houston, TX, March 30, 2004 – Indo-American Chamber of Commerce of Greater Houston (IACCGH) in cooperation of Export-Import Bank of the United States and the U.S.ï¿½India Business Council organized a seminar on the opportunities available in India and the support these activities would get from the Exim Bank of the United States. Dr. Michael Clark, Executive Director of U.S.ï¿½India Business Council and Mr. John Richter, Regional Director of Exim Bank were the main speakers. The seminar was organized on 30th March, 2004 at the Consulate General of India, Houston.
Mr. John Richter explained that the Exim Bank supported export of U.S. goods and services by guaranteeing or insuring loans made to international buyer. For non-capital goods, Exim Bank can insure a lender against non-payment for a short-term credit provided to the buyer with a financial institution Buyer Credit Policy. For medium term financing, that is normally used for capital goods and related services (up to 5 years and under $10 million), the Bank can protect the lender up to 85% either with a loan guarantee or a medium term insurance policy. For long-term financing needs, the Bank offers loan guarantees with some down payment requirement as under the medium-term.
In the past, the Exim Bank has extended a loan of US$ 2.4 million to Importers Software Service Inc., California for shipment of trade management software to Helios & Matheson Informational Technology of Chennai, and Toronto Dominion Bank, Houston received a Credit Guarantee Facility for an amount of US$ 10.00 million for export of construction related equipment to SREI International Finance Ltd., Calcutta. Also Exim Bank and Indian Oil Corporation Ltd., New Delhi have signed a credit agreement for a $ 75 million Exim Bank loan guarantee to support the export of U.S. technology, equipment and services to build a petro-chemical refinery at Panipat. Besides the National City Bank, Michigan, Stewart & Stevenson Services, Houston, Ranbaxy Laboratories, New Delhi have utilized the Bankï¿½s short-term insurance policies to support purchases from USA.
Mr. Michael Clark in his address mentioned that India is growing rapidly, has money (in fact its dollar reserves are depreciating against the Rupee at about 5 percent per year), is buying and seeks U.S. technology, equipment and services. The business community in U.S. needs to get organized and take advantage of the abundant resources available from US Exim, the U.S. Foreign Commercial Service in India and the U.S. Export Assistance Centers across the U.S., the Trade and Development Agency and myriad other agencies. These programmes exist to help companies of all sizes compete for good business.
Mr. R.L. Koli, Deputy Consul General welcomed the speakers and Mr. Jagdip Ahluwalia, Executive Director, IACCGH delivered the Vote of Thanks.
From left to right:
- John Richter, Regional Director (Africa, Asia & Middle East) Export-Import Bank of the USA
- Consul General of India in Houston Skand Ranjan Tayal
- Dr Michael T Clark, Executive Director, US India Business Council, Washington DC
- Jagdip Ahluwalia , Executive Director, Indo American Chamber of Commerce of Greater Houston