An Infrastructure Trade Mission to Two Developing MarketsDecember 4, 2012
Adam S. Wilczewski serves as the Chief of Staff of the International Trade Administration.
Asia is home to many of the world’s fastest-growing economies. Countries like China and India readily come to mind. The impressive development of other Asian nations, however, should not be overlooked.
Two countries that have made big economic strides in recent years are Indonesia and Vietnam. They are among the fastest growing countries in the region, with growth rates of 6.5 and 5.9 percent, respectively, in 2011.
Both are members of the Association of Southeast Asian Nations (ASEAN), the bloc of 10 states that forms the United States’ fourth-largest trading partner, making Indonesia and Vietnam important to the U.S economy.
For this reason, the U.S. government is committed to further improving trade relations with both of them. Under Secretary for International Trade, Francisco Sánchez, recently led an Infrastructure Trade Mission there, underscoring these countries importance. This trip marked Sánchez’s third visit to Vietnam in 20 months. Our U.S. Government partners at the U.S. Trade Development Agency and Overseas Private Investment Corporation (OPIC) joined the ITA on this trip for a true whole-of-government effort.
Eight U.S. infrastructure companies – Black and Veatch, Cisco Systems, General Electric Company, Honeywell International, Inc., Oshkosh Corporation, The Shaw Group, Westinghouse Electric Company, and WorleyParsons, LLC – took the opportunity to explore these two foreign markets. Both countries have pressing infrastructure needs due to their high growth rate, offering exciting prospects for U.S companies in that field.
While in Jakarta, Indonesia – our first stop – the delegation met with public and private sector leaders to discuss opportunities that would be mutually beneficial to both of our economies.
Here, OPIC signed a Memorandum of Understanding with the Indonesian Infrastructure Guarantee Fund (IIGF). The organizations pledged to work more closely together to promote private sector infrastructure investment in the world’s fourth most populous country. A supportive Under Secretary Sánchez stated that “increased investment in infrastructure supported by OPIC will help to accelerate Indonesia’s already-rapid economic growth.”
In Vietnam, the participants met with numerous government officials and representatives from the private sector. Highlights on the agenda included an encounter with the Vietnamese Prime Minister Nguyen Tan Dung and an American Chamber of Commerce hosted lunch in Hanoi.
Most discussions during the trade mission focused on the potential for collaboration on infrastructure projects in areas such as energy, aviation, environmental technology, architecture, construction and engineering.
This Infrastructure Trade Mission is another example of how the U.S. government is working to meet the National Export Initiative’s goal of doubling U.S. exports by the end of 2014.
Southeast Asia is an export market with great potential for U.S. businesses. This growing economic and political importance was underscored by the fact that President Obama chose to visit the region in November directly following his reelection.
Together, working in partnership with the U.S. business community, the International Trade Administration and the entire U.S. Government hope to continue to make progress in meeting infrastructure needs abroad in order to support good-paying jobs here at home.