Washington, DC – NFTC officials welcomed today’s hearing in the House International Relations Committee on the reauthorization of the Overseas Private Investment Corporation (OPIC). The current OPIC charter is set to expire on September 30, 2003.
“The National Foreign Trade Council strongly supports the Overseas Private Investment Corporation and the Bush Administration’s reauthorization bill,” said Mary Irace, NFTC Vice President for Trade and Export Finance. “OPIC is one of the most effective and important agencies dedicated to promoting U.S. foreign policy and economic development by mobilizing private sector investment in vital regions throughout the world. It will, for example, play an important role in reconstruction efforts in Iraq.”
OPIC continues to gain recognition for giving U.S. businesses an opportunity to invest in regions that would otherwise be considered unreachable. In addition, since its creation more than 30 years ago, OPIC-supported projects have generated $65 billion in U.S. exports and supported nearly 254,000 American jobs.
“OPIC is critical to U.S. competitiveness in the global marketplace. Its importance has only grown in the post-9/11, post-Iraq war environment,” Irace continued. “Moreover, it is designed to complement, not compete, with the U.S. private sector and it does not support projects that could result in U.S. job loss, as required under its charter. NFTC members look forward to working with Congress to secure OPIC’s reauthorization.”
The National Foreign Trade Council is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 350 member companies through its offices in Washington and New York.