President and chairman of the Export-Import Bank of the United States, or EXIM, Kimberly A. Reed, spoke Wednesday at the American Association of Port Authorities 2020 Shifting Trade conference hosted by Tampa Port Authority.
During her keynote address to more than 100 public and private-sector leaders in the shipping industry, she highlighted how EXIM facilitates U.S. exports and supports American jobs through free, fair and economic relationships.
She also provided an update on EXIM’s historic seven-year reauthorization, which passed in the United States Congress, with bipartisan support, and was signed into law last month by President Donald J. Trump.
The reauthorization is meant to provide a level of certainty and stability to American workers and businesses, including port authorities and the maritime industry, that EXIM is fully open for business and to give clear direction to focus on economic and national security challenges from China, according to a statement from EXIM.
“Cargo activity supports 31 million U.S. jobs. For every $1 billion in exports shipped through U.S. seaports 15,000 U.S. jobs are created. Now that EXIM is reauthorized for a historic seven years, U.S. companies – both small and large – will be able to export even more through America’s ports,” said Reed during her address.
The AAPA represents the seaport industry in the Americas including more than 130 public port authorities in the U.S., Canada, the Caribbean, and Latin America.
Reed also visited the Clearwater headquarters of Motortronics, a global manufacturer of solid state electrical motor controls and motor protection products. This small business has relied on EXIM since 2007, using both export credit insurance and working capital guarantees, the statement said.
The company ships to buyers in more than two dozen countries including Egypt, China, Turkey, South Korea and Singapore.
“With EXIM’s support, we have been able to enter markets around the globe and win new customers in developing countries to obtain our products,” said Motortronics Vice President Joyce Mitchell. “In 2019, approximately 14 million to 15 million of our sales revenue was in exports. Seventy employees at Motortronics would not have jobs, if not for EXIM.”