President-elect Hipólito Mejía spoke up in favor of attracting more US foreign investment during his visit to Washington, D.C. Mejía visited the Overseas Private Investment Corporation yesterday, as part of a US and Europe tour. At a press briefing hosted by the Overseas Private Investment Corporation (OPIC), Mejía said, "it is no accident that OPIC was chosen as my first venue to meet with U.S. businesses. Because of OPIC’s historical respect for worker rights, the environment and small businesses, I knew that I would find support here in attracting investment that is attentive to the needs of all Dominicans, especially the disadvantaged. The Dominican Republic, under my administration, will be committed to establishing an attractive investment climate, yet one that will generate diffuse job creation and raise the standard of living for as many as possible. We intend to make the Dominican Republic a regional gateway for U.S. investment." George Muñoz, chief executive officer of OPIC said, "The Dominican Republic appears prominently as part of the regional strategy of OPIC." He poke of the Central America and Caribbean Initiative (CACI) investment conferences, and said that the DR would likely host OPIC’s first-ever housing project. In March, OPIC unveiled a new initiative to apply its financing and insurance products to the development of affordable housing in emerging markets – a program borne of the damage caused in Central America by Hurricanes Mitch and Georges. OPIC and the U.S. Department of Housing and Urban Development have agreed to work closely on the initiative. OPIC has begun several initiatives in the region, including the Central American and Caribbean Investment Facility, a $200 million medium-to-long-term lending facility established with Citibank in February 1999 to support private sector development in the region. "President-elect Mejía’s visit to OPIC today sends a strong signal to the U.S. business community that his new administration will take advantage of President Clinton’s initiatives to forge a new peak in US-Dominican relations," Muñoz added. "Growth prospects for the Dominican Republic are good, and American businesses need to be aware that the country is going to emerge as the hub of a regional emerging market." Muñoz said that he expressed his concerns about the privatization process in the Dominican Republic during discussions with Mejía, and that the President-elect assured him of his support for investment in the country. Mejía reiterated that his concern with privatization focused on the need for it to be a transparent process. U.S. Ambassador to the Dominican Republic Charles T. Manatt, who accompanied Mejía, said, "the new CBI enhancement can provide the Dominican Republic with great opportunities, but it is up to Dominicans to take the appropriate steps in order to take advantage of these benefits. The government and the private sector will have to work together to implement the necessary measures to ensure the competitiveness of the economy through: new legislation to modernize the electricity sector; improving regulation of the financial sector; compliance with CARICOM Free Trade Agreement commitments on customs; promotion of fair competition; and investing in education, training, infrastructure and environmental protection." In the Dominican Republic, OPIC has a current portfolio of $1.9 million; its historical commitment of $340 million has leveraged an additional $673 million in economic development. More than $78 million in government revenues are expected from current OPIC-supported projects. OPIC is a self-sustaining United States government federal agency that sells investment services to small, medium and large American businesses expanding into some 140 developing nations and emerging markets around the world. OPIC’s political risk insurance, project finance and investment funds fill a commercial void, create a level playing field for U.S. businesses and support development in emerging economies. For more information on the visit, see www.opic.gov
