Opic backs Thai infrastructure plans
The US’s Overseas Private Investment Corporation (Opic) has voiced its support for Thailand’s infrastructure development projects, which help create connectivity in Southeast Asia.
Executive vice-president David Bohigian met with Kobsak Pootrakool, the PM’s Office Minister, yesterday, saying Opic believes Thailand plays a leading role in Cambodia, Laos, Myanmar and Vietnam. The group looks forward to overseas investment cooperation in the region.
Opic focuses on infrastructure projects in Thailand such as ports, airports and railways, as well as those that can create connectivity in Southeast Asia, said Mr Bohigian.
Opic is the US government’s development finance institution. It mobilises private investment to help address development challenges and advance the foreign policy and national security objectives of the United States.
Opic works with the US private sector, helping businesses gain footholds in emerging markets.
Opic is open for business in 29 countries in the Indo-Pacific region and has an office in Bangkok to support business development.
In the Indo-Pacific region, Opic supports direct loans and guarantees of up to US$350 million (11.6 billion baht).
For political risk insurance, Opic offers coverage including reinsurance of up to $350 million against losses due to currency inconvertibility expropriation, regulatory risk, political violence and breach of contract. Maximum exposure when providing both financing and political risk insurance is $500 million.
Opic, whose investment totals US$23.2 billion, is providing up to $250 million to Myanmar, $155 million to Cambodia, $5.4 million to Vietnam and $120 million to Indonesia.
“We are seeking cooperation with the Thai government on the business opportunities in Southeast Asia,” said Mr Bohigian. “The dynamism in Southeast Asian growth that we’ve seen is very impressive, as is the economic reform being undertaking by the Thai government. We hope to see continuity of infrastructure connectivity development.”