OPIC Convenes First Trilateral Meeting to Promote Infrastructure Investment Collaboration During Visit to Southeast Asia
July 17, 2018
Discuss collaboration on infrastructure projects with long-term benefits to the Indo-Pacific that are transparent, sustainable and adhere to high global standards
SINGAPORE – The US government’s Overseas Private Investment Corporation (OPIC) Executive Vice President David Bohigian joined representatives from the Australian and Japanese governments to discuss opportunities for collaboration on investments in the Indo-Pacific that would build infrastructure, address key development challenges, increase connectivity and promote economic growth. This was the first trilateral meeting of the nations on infrastructure investment since Australia and Japan signed individual collaboration agreements with OPIC.
The meeting of the three partners was held during an OPIC delegation trip aimed at exploring new infrastructure investment opportunities in Southeast Asia, with stops in Indonesia, Thailand and Singapore. At today’s meeting, the three countries committed to collaborating on investment opportunities throughout the Indo-Pacific region.
“Investment is the key to addressing major challenges like poverty and infrastructure development,” said Bohigian. “Working together with our strategic partners, we can mobilize more investment in projects that drive economic stability, create local jobs and improve the livelihoods of the people of the Indo-Pacific. The United States, Japan and Australia all believe that good investments are based on principles including transparency, sustainability, and strong environmental and labor standards. We will uphold these principles as we invest in energy, infrastructure, technology and other industries that strengthen communities and enhance connectivity throughout the region.”
OPIC, the U.S. Government’s development finance institution, supports investment in development in emerging markets around the world and has invested $4 billion across the Indo-Pacific in projects that are expanding access to energy, infrastructure and other sectors.
In November 2017, OPIC signed memorandums of understanding with Japan’s JBIC and NEXI in which they committed to partnering to bolster investment in infrastructure, energy and other critical sectors. OPIC signed a similar agreement with Australia’s Department of Foreign Affairs and Trade in February 2018, which also committed to cooperation on shared development outcomes in the Indo-Pacific region in infrastructure, energy and other agreed sectors.
On July 30, 2018, leaders from the US government’s OPIC, the Australian government and Japan Bank for International Cooperation (JBIC) will meet again in Washington, DC at a public forum hosted by the U.S. Chamber of Commerce on economic opportunities in the Indo-Pacific region.
Today’s meeting attendees included Naohiro Tsutsumi, Deputy Chief of Mission, Embassy of Japan; OPIC EVP David Bohigian; and Australian High Commissioner to Singapore Bruce Gosper. Representatives from the Japanese Bank for International Cooperation (JBIC) and Japan’s Nippon Export and Investment Insurance (NEXI) were also present.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.