Ambassador opens OPIC conference in El Salvador
May 16, 2007

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Ambassador Charles L. Glazer participated at the opening ceremony of The Overseas Private Investment Corporation (OPIC) Access to Opportunity for Central America and the Caribbean international conference designed to identify investment opportunities in the region for U.S. companies, and the culmination of two years of intense OPIC focus on these emerging markets.

Over 250 participants from more than 13 countries, representing U.S. and regional businesses, leading financial institutions and the governments of the United States and Central America are attending the three-day conference.

Acting Salvadoran President, Ana Vilma de Escobar and OPIC’s President and CEO Robert Mosbacher Jr. also addressed the participants of this investor’s conference.

“There is a growing realization among U.S. investors that Central America and the Caribbean are attractive destinations for their capital. The outlook for the region is positive: Central American exports grew by more than 10 percent during 2006, and increased foreign investment inflows following the passage of free trade agreements with the United States underpinned GDP growth throughout the region,” said OPIC President and CEO Robert Mosbacher, Jr. “Enabling U.S. companies to familiarize themselves with these markets, and regional companies to access new sources of capital, is the goal of this conference.”

“The steps that both Central American and Caribbean nations are taking to create an integrated regional market demonstrate that the region understands the importance of pooling its economies into a larger force that will draw investors,” Mosbacher added. “This conference exists as a demonstration of a similar realization by American companies that they are willing to take advantage of those opportunities, and invest in Central America and the Caribbean.”

“Given the close economic ties the United States has with Central America, it makes sense to have this conference here, “  said Charles L. Glazer, U.S. Ambassador to El Salvador.  “The United States exports $19.6 billion worth of goods to Central America annually, and we import just under $19 billion worth of products from the region, and that figure is growing,” he added.
 
Conference speakers include Dr. Compton Bourne, president of the Caribbean Development Bank, Harry E. Brautigam, executive president of the Central American Bank for Economic Integration; Hector Morales, United States executive director of the Inter-American Development Bank and senior executives from Citigroup. Companies and organizations represented at the conference include AES Corporation, General Electric, the U.S. Chamber of Commerce, the International Housing Coalition and CG/LA Infrastructure.

For participants, the conference offers a unique opportunity to hear from leading investment experts, U.S. businesses currently investing in Central America and the Caribbean, financial institutions operating in the region, and U.S. government officials. Conference sessions will focus on investment opportunities in sectors such as infrastructure, energy, tourism, franchising, financial services, and housing.

For OPIC, the conference caps a period of intensive focus on the region: since becoming OPIC President and CEO in October 2005, Mosbacher has visited the region four times. During two trips last year, OPIC President and CEO Robert Mosbacher, Jr. announced $332 million in new, OPIC-supported U.S. investment in Central America, primarily in the housing and microfinance sectors.

Organizations sponsoring the conference are the Association of American Chambers of Commerce in Latin America, Bankers' Association for Finance and Trade,  Business Council for International Understanding, Caribbean-Central American Action, California Hispanic Chambers of Commerce, U.S. Chamber of Commerce - National Chamber Foundation, Greater Houston Partnership, Invest in Guatemala, World Trade Center Chicago, Nicaraguan Investment Promotion Agency (ProNicaragua), U.S. Hispanic Chamber of Commerce, National Investment Promotion Agency of El Salvador (PROESA), International Franchise Association, Los Angeles Area Chamber of Commerce, National Association of Realtors, Honduran Foundation for Investment and Development of Exports (FIDE), and the National Association of Home Builders.

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency’s 35-year history, OPIC has supported $164 billion worth of investments that have helped developing countries to generate more than 732,000 host-country jobs and $13 billion in host-government revenues. OPIC projects have also generated $69 billion in U.S. exports and supported more than 264,000 American jobs.

Visit OPIC on the web at www.opic.gov.

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