Posted on 03/26/2004 8:08:32 AM PST by adam_az
*EPF502 03/20/98 TEXT: OPIC 3/19 PRESS RELEASE ON NEW AGREEMENT WITH VIETNAM (Agreement key to reopening OPIC's Vietnam programs) (950)
Washington -- The Overseas Private Investment Corporation (OPIC) signed a new bilateral agreement with Vietnam March 19, thus clearing one of the final hurdles to re-opening OPIC's programs in that country, according to a March 19 OPIC press release.
"The OPIC Agreement is a concrete step toward building normal economic relations between the United States and the Socialist Republic of Vietnam," OPIC President and CEO George Munoz said. "It is truly an historic moment and I am honored to be a part of it."
The signing, held in the offices of Senator John McCain (Republican - Arizona), and in the presence of Senators McCain and John Kerry (Democrat -Massachusetts), Vietnam Ambassador Le Van Bang, and U.S.-Vietnam Trade Council President Virginia Foote, follows the Presidential waiver last week of the Jackson-Vanik Amendment to the Trade Act of 1974. Jackson-Vanik is the law that restricts U.S. economic relations with any communist country that obstructs free emigration. OPIC has not supported any new American investments in Vietnam for more than twenty years.
The agreement, which will become effective when the counter-signing in Vietnam takes place, will provide protections and guarantees necessary for OPIC to operate in Vietnam, according to OPIC.
Following is the text of the OPIC press release:
(begin text)
Thursday, March 19, 1998
OPIC SIGNS BILATERAL AGREEMENT TO OPEN PROGRAMS IN VIETNAM
Vietnam Veterans and U.S. Senators McCain and Kerry Witness Signing
WASHINGTON, D.C. -- The Overseas Private Investment Corporation (OPIC) signed a new bilateral agreement today with Vietnam in the presence of two renowned Vietnam Veterans in the United States Senate, thus clearing one of the final hurdles to re-opening OPIC's programs in that country.
The signing, held in the offices of Senator John McCain (R-AZ), and in the presence of Senators McCain and John Kerry (D-MA), Vietnam Ambassador Le Van Bang, and U.S.-Vietnam Trade Council President Virginia Foote, follows the Presidential waiver last week of the Jackson-Vanik Amendment to the Trade Act of 1974. Jackson-Vanik is the law that restricts U.S. economic relations with any communist country that obstructs free emigration. OPIC has not supported any new American investments in Vietnam for more than twenty years.
"The OPIC Agreement is a concrete step toward building normal economic relations between the United States and the Socialist Republic of Vietnam," said OPIC President and CEO George Munoz before signing the Agreement. "It is truly an historic moment and I am honored to be a part of it."
"There is little doubt that the Vietnamese market has enormous economic potential for U.S. investors. The investment climate in Vietnam is strong, and the potential for U.S. firms to help Vietnam, particularly with its needs in the energy, telecommunications, and other infrastructure sectors, is tremendous," Munoz noted.
According to Munoz, some twenty companies have already approached OPIC to discuss potential projects in Vietnam.
Following the signing by Munoz, the Agreement will be sent to Hanoi. In Vietnam, it will be signed by Minister Gia, Minister of Planning and Investment, and witnessed by U.S. Ambassador to Vietnam Pete Peterson. The Agreement, which will become effective when the counter-signing takes place, will provide protections and guarantees necessary for OPIC to operate in Vietnam.
Senator McCain, who spent five-and-a-half years in a Vietnamese prisoner of war camp, has been a leader in efforts to restore OPIC programs in Vietnam. Senator McCain said, "The opening of OPIC programs in Vietnam provides a critical indication of U.S. interest in trade and investment with Vietnam, and goes a long way towards ending a difficult chapter in our two nations' history."
The opening of OPIC in Vietnam is also supported by Kerry, a Vietnam veteran. According to Senator Kerry, "A brighter future for U.S.-Vietnam relations must include an economic relationship that works for both countries. The availability of OPIC programs will help to generate renewed American investment in Vietnam, resulting in a lasting and positive impact, not only on the Vietnamese economy, but on U.S.-Vietnam relations." Senator Kerry served with the U.S. Navy in the Mekong Delta region in 1968 and 1969.
Business groups attending the signing also reacted favorably to OPIC opening in Vietnam. Ms. Virginia Foote, President of the U.S.-Vietnam Trade Council said, "It will be enormously important for American companies in Vietnam to have access to OPIC and Ex-Im programs, and we are very pleased to see this happen. U.S. companies look forward to working with Ambassador Peterson to participate in OPIC programs."
OPIC's programs were available in Vietnam until the military defeat of the Republic of Vietnam in 1975. Following that event, OPIC paid five expropriation claims to American investors whose investments were expropriated by the Vietnamese government. The current Vietnamese government fully reimbursed OPIC in 1995 for all of the payments that OPIC made to the expropriated investors.
OPIC is a self-sustaining federal agency that operates at no net cost to the taxpayer. The agency sells investment services to U.S. businesses of all sizes investing in some 140 emerging markets and developing nations 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. Since 1971, OPIC has supported $112 billion worth of investments that will generate $56 billion in U.S. exports and create more than 230,000 jobs.
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http://www.freerepublic.com/focus/news/1105427/posts?page=1
He got alot of exposure through the DNC videotape at the DUD last night too. I'd say there's a future in a Kerry administration for McCain.
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