Utica Observer-Dispatch: New York to create bank, help businesses export
Published:
Tuesday, October 7, 2014 - 17:02
Utica Observer-Dispatch ALBANY
New York is creating a new import-export bank based on the federal model that will give financing to New York companies looking to sell products overseas.
Gov. Andrew Cuomo announced the program Tuesday at an international trade forum in New York City. The meeting included business leaders, government officials and representatives from 30 nations.
The state will initially invest $35 million in the effort. The money would be loaned to companies looking to expand their overseas exports.
Cuomo says it is part of a larger push to help companies take advantage of growing international markets.
He says that as part of the initiative he'll go on trade missions to five nations: Canada, Mexico, Israel, China and Italy. Dates for the visits haven't been announced.
Today’s Global NY Summit drew more than five hundred attendees, including political and civic leaders, international and domestic businesses, federal export officials, foreign partners and academic and community leaders. Panel discussions featured high-level speakers highlighting opportunities available to New York State businesses looking to expand their international presence and foreign investors interested in locating their businesses in New York State. GLOBAL NY will open New York’s doors even wider to foreign investors and create a peer-based network to help local and regional leaders develop and implement global trade and investment.
SUNY Polytechnic Institute CEO and Officer in Charge Dr. Alain Kaloyeros said, “Governor Cuomo has transformed New York State into the gold standard for successful 21st century innovation-driven global economies, as demonstrated by the influx of international corporations and the insourcing of jobs from all over the world. And with his START-UP NY initiative creating historic collaboration all across the state, this trend is only bound to accelerate. The Governor has already established New York as the world leader in nanotechnology research and development by enabling billions of dollars in investment from leading global technology companies. The support, incentives and infrastructure available make New York an easy choice for business and industry leaders looking for the right place to expand and invest, and we are thrilled to share our experiences with them at the Global NY Summit.”
