Mayor Gray Announces Agreement with Export-Import Bank of China

This week, Mayor Vincent C. Gray announced that the District of Columbia had entered into a memorandum of understanding with the Export-Import Bank of China on matters related to trade, investment and financing-cooperation opportunities between both entities.

The District has played a proactive role in developing an economic relationship with Chinese banks, corporations and other organizations. This June, a delegation of local government officials and business leaders will head to China, where the District will renew its Sister City relationship with Beijing. Attendees will also take part in the 2012 INFORMS International Conference, which focuses on sustainability. Officials will also meet with potential foreign investors about opportunities in the District’s booming real-estate market.

“To build a diversified new economy for the District that is less dependent on the federal government, we must increase the District’s profile in the global marketplace,” said Mayor Gray. “This agreement between the District and the Export-Import Bank of China, along with our upcoming China trip, will help us identify key opportunities for interested investors in both public and private efforts taking place here in the District of Columbia.”

The mission of the Export-Import Bank of China is to facilitate trade and economic cooperation China and the global market. It also supports Chinese companies in their efforts to invest in global economic development and infrastructure opportunities that promote international economic and trade cooperation.

The agreement will allow both parties to identify, expand and strengthen trade, investment and financing opportunities. It establishes regular communication between the District and the Export-Import Bank of China so that they may explore mutually beneficial trade and investment opportunities for further consideration. The District will also provide guidance to Chinese companies interested in local investment and trade opportunities.

At a meeting held in the John A. Wilson Building this week, representatives from the Export-Import Bank of China took part in presentations made by Deputy Mayor for Planning and Economic Development Victor L. Hoskins on the District’s economic-development portfolio, and from District Department of Transportation Director Terry Bellamy, who presented on public-private partnership opportunities related to projects in the District’s infrastructure and transportation pipeline.

PLEASE NOTE: A copy of the Memorandum of Understanding is available on request.

About the Export-Import Bank of China:
Founded in 1994, the Export-Import Bank of China is a state bank solely owned by the Chinese government. The Bank is headquartered in Beijing. By the end of 2010, the Bank had 18 domestic business branches, and three overseas representative offices. At present, it has established correspondent relationships with more than 500 banks.

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