OPIC Leads Delegation to Promote U.S. Investment in Uzbekistan
August 18, 2018
TASHKENT, UZBEKISTAN – Executive Vice President of the U.S. government’s Overseas Private Investment Corporation (OPIC) David Bohigian and other U.S. government officials traveled to Tashkent to promote U.S. investment in Uzbekistan. The delegation met with senior government officials and business leaders from U.S. and Uzbek-based companies. This visit is to promote U.S. investment, strengthen partnerships, enhance regional connectivity, and find opportunities to deepen business ties that drive economic growth and stability.
The delegation met with Deputy Prime Minister of Finance Djamshid Kuchkarov and separately with First Deputy Chairman Sodiq Safoev and Senate Foreign Affairs Committee Chairman Kurmanov to discuss priority sectors and opportunities for further cooperation to increase American investment in Uzbekistan.
“Building upon the new strategic partnership announced by President Trump and President Miriziyoyev, OPIC seeks to support Uzbekistan and its people through investments that focus on natural resources, energy, and infrastructure projects,” said Mr. Bohigian. “Uzbekistan and the region present attractive opportunities and we are pleased to travel here to meet with government and business leaders to discuss the country’s needs and identify opportunities for future U.S. investment. By committing to a Five Year Strategy of Action that promotes good governance, judicial reform, rule of law, economic liberalization, social development, and an open and constructive foreign policy Uzbekistan is committed to a positive path for its people. We look forward to working with President Miriziyoyez and the government of Uzbekistan as they move along this path and create the conditions for future U.S. investments that will benefit the economies and people of both our nations.”
On May 17, 2018 OPIC EVP David Bohigian and Uzbek Deputy Prime Minister Sukhrob Kholmuradov signed a Memorandum of Cooperation highlighting their commitment to tackling development challenges and bolstering investment in natural resources, energy, infrastructure and other critical sectors in Uzbekistan. The agreement developed a framework for cooperation between the agencies supporting investment in emerging markets by mutually collaborating on projects that meet policy objectives and by coordinating business development efforts.
Historically, OPIC has invested $231 million in Uzbekistan and more than $1 billion in Central Asia. OPIC is not an aid organization, so it does not give out grants. Instead, it provides financing to U.S. private sector companies to invest in emerging markets, like Uzbekistan, with projects that help drive economic growth and stability, and create local jobs.
The OPIC delegation is seeking to bring more investment to the region and is visiting today to assess needs, gather more information, and identify future opportunities for American investment.
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.