Thanks, my pal and colleague, Chair Lewis, for that heat introduction. It’s certainly a pleasure to be right here on the EXIM Annual Convention.
The vary of matters you might be discussing at this convention – from clear vitality applied sciences to international infrastructure, from small enterprise financing to semiconductors and transformational exports – mirror the unbelievable breadth and depth of EXIM’s work with the non-public sector. In addition they mirror the breadth and depth of the Commerce Division’s partnership with EXIM, as we work collectively to drive U.S. export competitiveness.
Certainly, exports present development alternatives for American companies of all sizes and throughout sectors by providing broader markets and diversified income sources. Importantly, as President Biden has mentioned on quite a few events, export development will help tens of millions of good-paying jobs and uplift our households and communities.
Final yr alone, U.S. exports of products and providers reached $2.5 trillion – the second strongest yr on document. I consider that U.S. exports are poised to develop extra sooner or later. That’s as a result of the Biden Administration – and the Commerce Division particularly – is making once-in-a-generation investments at dwelling in sectors equivalent to semiconductors, clear tech, and high-speed web. Rebuilding our industrial base units us as much as compete overseas, and develop exports and export-oriented jobs each at the moment and into the longer term.
We’re additionally forging new alternatives and opening new markets overseas. As a part of the Administration’s worldwide financial agenda, the Commerce Division is main efforts to revitalize financial alliances with our companions around the globe.
In lower than two years, the Administration has stood up the U.S.-EU Commerce and Know-how Council and deepened our commitments via the Quad. Within the spring, President Biden launched the formidable Indo-Pacific Financial Framework for Prosperity – a novel association between the U.S. and 13 international locations that account for 40 % of the worldwide GDP, and 28 % of complete items and providers commerce. At the moment, underneath negotiation, IPEF will strengthen commerce and funding relationships on provide chain resilience, clear vitality transition, and tax and anti-corruption.
In the summertime, together with different G7 leaders, the President additionally launched the Partnership for World Infrastructure and Funding, or PGII, committing $600 billion in private and non-private funding infrastructure over the subsequent 5 years in creating international locations – investments that may considerably broaden infrastructure export alternatives, together with in Africa. This week’s US-Africa Leaders’ Summit and US-Africa Enterprise Discussion board will spotlight what our companies on either side of the Atlantic are doing within the type of concrete offers.
A standard thread throughout these worldwide engagements is the function of the U.S. non-public sector, together with small and medium-sized companies, as a accomplice of alternative for international locations around the globe. Serving to place the U.S. non-public sector is a central purpose of the Commerce Division and our colleagues throughout the U.S. authorities together with USTDA, the State Division, and importantly EXIM. In our conversations with the non-public sector, we hear again and again the significance of high-level advocacy in addition to financing and, particularly, EXIM financing in enabling our firms to compete successfully, particularly in riskier environments.
That’s why our International Industrial Service is actively supporting U.S. companies via commerce missions, bilateral memoranda of understanding, and the work of our Deal Groups. And in international locations around the globe, we’re working carefully with EXIM on offers throughout sectors.
One other core component of our export competitiveness work is a recognition that our variety is a supply of aggressive benefit for america. That’s why we’re additionally partnering with Chair Lewis and her workforce, together with within the execution of the forthcoming Nationwide Export Technique, on making certain that small companies, together with women- and minority-owned companies, are capable of compete for export alternatives, together with international infrastructure alternatives.
Whether or not within the Indo-Pacific or Africa, Europe, or Latin America, I consider these joint efforts – in live performance with EXIM’s skill to help financing to broaden U.S. manufacturing capability and its transformational export program – will bear fruit. To take a cue from the President, we’re on the cusp of a brand new American infrastructure decade in addition to an American export decade.