EXIM Bank brainstorms with local officials to boost Puerto Rico exports
U.S. Export-Import Bank (EXIM) Chairman Kimberly A. Reed met with a delegation from Puerto Rico to discuss how the entity can help more Puerto Rican businesses export their “Made in the USA” products around the world.
Economic Development and Commerce Secretary Manuel Laboy headed the local delegation that included Puerto Rico Ports Authority Executive Director Joel Pizá Batiz, Invest Puerto Rico CEO Rod Miller, Discover Puerto Rico CEO Brad Dean, Christian Trinidad, chief legal counsel of the Ports Authority, and Gail Nolan, chief strategy officer of Invest Puerto Rico.
Other participants included: EXIM Advisory Committee Member Joanne Young, managing partner, of Kirstein & Young, PLLC; David Kirstein, also managing partner of the firm; and Michael Woods, senior associate of the legal firm.
During the discussion, Reed highlighted EXIM’s ability to support Puerto Rican exports, including those in the pharmaceutical, medical device, agriculture biotechnology, and aerospace industries.
“These exports are all important to Puerto Rico’s economy and jobs, particularly as the United States recovers from the COVID-19 pandemic, focuses on economic recovery, and develops a COVID-19 vaccine for potential export around the world,” the representatives said.
“The U.S. Department of Transportation recently granted transfer flexibility rights to international carriers which, when combined with Puerto Rico’s unique geographic location, will enhance its U.S. export ability,” they added
Reed also outlined EXIM’s new Program on China and Transformational Exports, which includes innovative U.S. exports like biomedical sciences, biotechnology, and 5G that are critical to Puerto Rico’s economy.
Reed previously met with Laboy in June 2019 to discuss how EXIM can support the expansion of Puerto Rican businesses, particularly small business.