FOR IMMEDIATE RELEASE
July 17, 2018
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Carol Danko, (202) 304-3726
OPIC Convenes First Trilateral Meeting to Promote Infrastructure Investment Collaboration During Visit to Southeast Asia
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 government the Japanese Bank for International Cooperation (JBIC) and Japan’s Nippon Export and Investment Insurance (NEXI) 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 Japanese government 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 OPIC EVP David Bohigian, Australian High Commissioner to Singapore Bruce Gosper, Chief Representative for Singapore Tomuyuki Ichijo from the Japanese Bank for International Cooperation (JBIC) and Chief Representative for Asia and Oceania Ken Toyoda from Japan’s Nippon Export and Investment Insurance (NEXI).
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker’s rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.