US-Japan-Australia Announce Trilateral Partnership for Indo-Pacific Infrastructure Investment
July 30, 2018
(OPIC)
WASHINGTON – Today at the Indo-Pacific Business Forum, hosted by the U.S.
Chamber of Commerce, leaders from the U.S.’s Overseas Private Investment
Corporation, the Japan Bank for International Cooperation (JBIC), and the
Australian government announced a trilateral partnership to invest in
infrastructure projects in the Indo-Pacific region that build infrastructure,
address key development challenges, increase connectivity, and promote economic
growth.
OPIC President and CEO Ray W. Washburne, JBIC Governor Tadashi Maeda, and
Australian Embassy Chargé d’affaires Katrina Cooper issued the following
joint statement on the trilateral partnership:
"The United States, Japan, and Australia have formed a trilateral partnership to
mobilise investment in projects that drive economic growth, create
opportunities, and foster a free, open, inclusive and prosperous Indo-Pacific.
We share the belief that good investments stem from transparency, open
competition, sustainability, adhering to robust global standards, employing the
local workforce, and avoiding unsustainable debt burdens.
“We will uphold these principles as we mobilise investment in infrastructure,
such as energy, transportation, tourism, and technology that will help stabilize
economies, enhance connectivity, and provide lasting benefits throughout the
region. To deepen this trilateral partnership, we are currently developing a
framework for cooperation. OPIC is also placing a representative in the U.S.
Embassy in Tokyo, Japan.
“As we look to the future, this partnership represents our commitment to an
Indo-Pacific region that is free, open and prosperous. By working together, we
can attract more private capital to achieve greater results.”
At the U.S. Chamber event, the three aforementioned participants announced
future plans for a formalized trilateral Memorandum of Understanding (MOU) and
OPIC announced the placement of a staff member in the U.S. Embassy in Tokyo to
better facilitate cooperation.
Japan has committed to advancing sustainable infrastructure in the Indo-Pacific,
and OPIC is coordinating with Japanese partners on co-investment under two
bilateral MOUs signed in November 2017 last year. OPIC signed a similar MOU with
Australia in February 2018.
On July 17, 2018 in Singapore, OPIC convened the first trilateral meeting to
discuss coordination on infrastructure investment, formalizing the trilateral
partnership, and holding continuous dialogues to enhance collaboration.
OPIC currently has $4 billion invested across the Indo-Pacific in projects that
are expanding access to energy, education and financial services and supporting
local farmers.
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