Overseas Private Investment Corporation (OPIC), a leading US owned Government corporation representative Rod Morris, Vice President visited Karachi Chamber of Commerce and Industry and called on President-KCCI, Abdul Majid Haji Muhammad to deliver a presentation on the expansion programmes of OPIC in Pakistan.
In his presentation, he informed that OPIC has the mission of promoting and facilitating US investments in emerging global markets like Africa, Middle East, Afghanistan and Pakistan with core objectives of helping US businesses investors overseas, fosters economic development in new and emerging markets, complement the private sector in managing risks associated with foreign direct investments (FDI).
He said, OPIC is the most experienced, creative and transparent Political Risk Insurer (PRI) in the world. President KCCI, Abdul Majid Haji Mohammad welcomed him and expressed his gratitude to Rod Morris - Vice President-OPIC for expansion of their operations into Pakistan.
He said, OPIC with association of another international insurance companies operating in Pakistan now provide a level playing field for helping US investors to mitigate their risks and enjoy the vast and unique business opportunities of Pakistan in different business sectors having exclusive Global niche such as Textiles, Leathers, Agro commodities like Rice, Cotton, pulses and other food staples, Fisheries and livestock and other Industries.
It will also strengthen the bilateral business relations of the two countries and help foster the trust among them. He commended the move of OPIC and persuaded the International Business entrepreneurship that it's the right time to take advantage of Pakistan's emerging global position by making investments.
Rod Morris, Vice-President-OPIC in his presentation elaborated that Political Risk Insurance - PRI coverage is basically comprised of inconvertibility in the form of inability to get earnings, expropriation in the form of nationalisation, confiscation, breach of government contract or guarantee, denial of justice, etc and Political Violence in the form of losses resulting from any politically motivated violence or threat including terrorism, war, civil commotion and others.
As a result of strong backing being a US company investments made in Pakistan can be best safe guarded against comprehensive insurance cover of OPIC. He further disclosed that OPIC has signed an agreement with IGI Insurance Limited in Pakistan, which authorises OPIC to act as a re-insurer to IGI Insurance for investors in Pakistan with US participation. This agreement recognises the United States and Pakistan's common interest in seeking to strengthen the level of US private sector investment in Pakistan as a means to increase jobs and entrepreneurial opportunity in the country.-PR