OPIC EVP Tours Kuala Tanjung Port in Visit to Promote U.S. Investment in Southeast Asia
July 14, 2018
BATU BARA, INDONESIA – Today, Executive Vice President of the Overseas Private Investment Corporation (OPIC) David Bohigian and other U.S. government officials joined visited the Kuala Tanjung Port. This one of several visits by OPIC officials visiting Southeast Asia on a trip to promote U.S. investment in the region, strengthen partnerships, and find opportunities to work with regional allies on projects that drive economic growth and stability throughout the region.
“Indonesia is a significant maritime nation and an important player on the world stage,” said Bohigian. “With Indonesia bordering the Straits of Malacca, port development is crucial to enhancing both global and local trade. The Overseas Private Investment Corporation continues to invest in projects that develop free and open societies while adhering to the highest global standards. We look forward to strengthening our partnership with Indonesia and our allies in the region to identify investments in ports and other infrastructure to create greater economic opportunities for the citizens and nations of Southeast Asia.”
Once completed the Kuala Tanjung Port is expected to be the largest port in western Indonesia and will serve as an international transit hub and manufacturing hub, according to port officials.
OPIC has a history of partnering with allies in the region and has recently signed Memorandums of Understanding with Japan’s Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI), and with Australia’s Department of Foreign Affairs and Trade.
Since 1974, OPIC has committed $2.35 billion in finance and insurance across 116 projects in Indonesia, covering a range of sectors, from energy to healthcare. On July 2, 2018, President Joko Widodo inaugurated Indonesia’s first wind plant in Sulawesi, Indonesia, which was supported by $120 million in OPIC financing.
OPIC is the U.S. government’s development finance institution. As part of his National Security Strategy, President Trump highlighted the need for a modernized approach by the U.S. government to development finance to help grow aspiring partners, promote economic relationships, and increase investment in regions important to American interests.
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.