AAPI Businesses Drive Economic Growth

 AAPI Businesses Drive Economic Growth

Executives from community banks serving the AAPI community meet with senior Administration officials (photo by White House Office of Public Engagement).

On Tuesday, April 9th, the Export-Import Bank, the White House Office of Public Engagement, and the White House Initiative on Asian Americans and Pacific Islanders hosted a Roundtable on Expanding Trade Finance to the AAPI community. The roundtable was an opportunity for executives of AAPI-serving community banks from across the U.S. to engage with senior Administration officials about increased understanding and awareness of federal programs. For instance, participants discussed various products which support AAPI businesses including guarantees for loans supporting exports and U.S. projects overseas.

In the past decade, the Census Bureau estimated that AAPI-owned businesses generated approximately $508.6 billion in economic output. At the roundtable discussion, the Initiative emphasized the importance of supporting these businesses, many of which leverage strong ties in Asia in order to promote growth in America. Administration officials also highlighted the current U.S. rebalancing effort across the Asia-Pacific region and the Trans-Pacific Partnership (TPP), as the effort will hopefully result in stronger economic opportunities for AAPI-owned businesses.

Tuesday’s roundtable highlights community banks’ and AAPI-owned businesses’ role in building a 21st century economy.

Adil Kabani is the Economic Policy Advisor with the White House Initiative on Asian Americans and Pacific Islanders

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