*EPF207 07/30/2002
Text: U.S. Agency to Facilitate U.S. Investment in East Timor
(Overseas Private Investment Corporation July 26 release) (662)

The Overseas Private Investment Corporation (OPIC) announced in a July 26 press release that U.S. businesses are now able to use the agency's services to manage risks associated with foreign direct investment in the newly established Southeast Asian country of East Timor.

OPIC, an independent agency of the U.S. government, 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.

Following is the text of the OPIC press release:

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FOR IMMEDIATE RELEASE
Friday, July 26, 2002

For further information, contact:
Lawrence Spinelli (202) 336-8690
Timothy Harwood (202) 336-8744

OPIC PROGRAMS OPEN IN EAST TIMOR
Watson urges U.S. investment in new democracy

WASHINGTON, D.C. - An agreement concluded between the United States and the world's newest democracy, East Timor, enables the Overseas Private Investment Corporation (OPIC) to make its products and services available in the southeast Asian country. OPIC President and CEO Dr. Peter Watson urged U.S. companies to take advantage of the development to invest in East Timor.

"East Timor worked hard to achieve its independence, and we anticipate a similar commitment by its people to the economic development of their new nation. OPIC strongly encourages U.S. companies, large and small, to invest in this emerging market, as a means to help East Timor consolidate its gains and secure a place in the global marketplace. We look forward to working with American businesses and the East Timorese government to bring about positive results," said Dr. Watson after signing the bilateral investment incentive agreement with East Timorese Prime Minister Mari Alkatiri on the latter's first U.S. trip since independence was declared on May 20.

Dr. Watson noted that while East Timor ranks behind other Asian nations in rates of employment and literacy, it benefits from a new peace, strong potential in the tourism sector and the new government's attention to poverty alleviation and sustainable development.

"The United States, through the work of the U.S. Agency for International Development and the Peace Corps, has already demonstrated its support for East Timor's young democracy. OPIC will complement those efforts by working with U.S. companies to help East Timor's economy grow so that all its citizens share in the fruits of democracy," Dr. Watson said.

OPIC was established as an independent 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.

Over the agency's 30-year history, OPIC has supported $142 billion worth of investments that have helped developing countries to generate over $11 billion in host-government revenues and create over 673,000 host-country jobs. OPIC projects have also generated $64 billion in U.S. exports and create more than 253,000 American jobs.


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(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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