tv U.S. Investments in Asia - USAID Administrator Export- Import Bank... CSPAN July 30, 2018 10:24am-12:10pm EDT
i'm selena jackson from proct and gamble i have the honor of introducing administrator mark greene. the private sector greetly appreciates all of the work that usad does in a merging prarkt and we're thankful for the partnership that many of us, many of us at the corporate community here today have today with the agency. p&g relationship with usab started back in the 2000s when we started working with the agency on global health, clean water, and disaster relief. our relationship p&g relationship with ambassador greene goes back even put and a the 1990s he served in the wisconsin state assembly close to one of our largest u.s. manufacturing plant with we make bounty paper towel and charmin toilet paper and then in 1988 he
was elected to congress in represented with wisconsin for four terms. i know that our host here at the chamber also our strong supporters are of usab mission and the chamber executive vice president is member of usaid voluntary foreign assistance, and the center for international private enterprise, a chamber affiliate also works with usaid on inclusive trade reform around the world since leaving congress administrator greene has served as u.s. all bass and with the u.s. global coalition and global development, and international republican institute, we're with all very grateful for his service. on a behalf of corporate representatives that are present here today, we look forward to the continued partnership with usaid under his leadership. please join me in welcoming usaid administrator mark greene.
>> thank you, and good morning thank you for that kind introduction selena good morning everyone. so as selena's kind words suggest, i had a varied career covering many sector and many shores but what hasn't changed looking the way is my aberration for chamber and ire irreplaceabe role that all of you play sz a voice for american business so it is an honor to be with you to share some thoughts on usaid's mission in the indo pacific. this morning, i'm going to ask all of you to set aside what you know about usaid or at least what you believe you know about usaid. and in its place i'm going to share with you how we are reshaping the agency and its role in advancing american leadership. more than anything else i'm going to ask all of you to open your minds to the partnership possibilities in the region
because they are literally unlimited. now ever since i joined usaid, we've tried to reorient our development work arranged two very simple principles. first, the purpose of our foreign assistance must be ending its need to exist. not because america wants to withdraw from the world, and certainly not because we wish to help don't wish to help our friends. instead we say this because we believe in our friend. we believe in the inherent desire of every individual, every community, and every country to lead their own bright future. and because this sends so self-reliance and cooked into our own national dn airings, we also believe that when our friends are willing to embark on what we call the journey to self-reliance well then well should walk with them along the way. our second organizing principle
and development is our belief quite simply, the private enterprise is the single most powerful force for lifting lives strengthening communities, and accelerating that self-reliance. the combination of these two principles is reshaping every aspect of our work especially in the indo pacific. you can e see it in how we engage with our partner government. in order to accelerate their progress towards self-reliance, we're prioritizing problems that incentivize reform strengthen in country capacity, remove barriers to private investment, and help those countries mobilize their own domestic resources. you can see it in our embrace of innovative financing tools, that have enterprise driven solutions to development challenges. you just having one example. several months back at the global entrepreneurship summit in inked why, usaid launched a
new development bond for health the world first impact pond targeting newborn and health in a great way of harnessing private intrppedz for development outcomes. this dib as it is called is specifically designed to reduce the number of maternal and newborn deaths in india's state. it works like this. the ubs opt mist foundation will raise capital from private investors and front the the money needed tone sure that 400 private health facilities can meet quality health care standards. teams work with each 400 facilities to help appropriately train staff and make life saving equipment and medicines available. each facility will undergo a rigorous review process to ensure that they've met top a credit dation starngdz. if and when they do, usaid will
make payments back to ubs opt mist so american taxpayers receive the accountability they deserve because we only pay if the targets are met. the citizen will of the care and the enhance services they deserve and need. and since usaid is not micromanaging implementation only incentivizing outcome, private sector health care partners will receive the freedom to innovate that they long for. you can also see it in the application of our organizing principles to our approach to procurement and enterprise partnerships. now, anyone who knows me well can attest that one of my least favorite terms in development is public private partnerships. and that's because for years, there's no partnership involved. usaid and other donors acted as,
though, government donors were the only drivers of progress. private enterprise was something to keep at a distance. or if we could -- bend to our will. now, don't get me wrong, we welcome koongses from private enterprise. we loved to have business co-host our conferences and events. we were even willing to contract with private businesses to obtain goods or provide certain services. but that was it. i promise you that's changing. in nowhere is that more true than in the indo pacific region, today we're move yongd mere contracting and embracing collaborating. today we're recognizing that agencies like usaid don't need to be the soul activities in a development space. instead we can be catalytic actors, that incentivize a channel private investment ppg we're rethinking how
international development initiatives are designed. tested, and rolled out and we're embracing the creativity and the entrepreneurship that the private sector brings to the table. no really that's exactly what we're aiming to do. our traditional approach is a government agency was to identify a development need or opportunity claiming that e we're only one when is knew the solution and then seek one or two of you out to see if you'll perform the work, of course, exactly as we want you to do it with all of the rules and the regulations and the paperwork that goes with it. and then we express shock when many of you were hesitant to join in. those days are over. or at least they're ending. we want you to join us in tackling development challenges because we believe it can serve your interest and our interest. we want to offer you
opportunities for codesigning program and initiatives, cocreating approaches -- and cofinancing implementation and delivery, in other words, we're up for true collaborative partnerships in which both sides dwain. partner countries accelerate their progress on their journey to self-reliance. and american businesses can grow their markets and even make a buck or two along the way. finally you'll see our organizing principles at work and how we measure and prioritize our invest ms it is part of our newly sharpened focus on building self-reliance we're pulling together metric and da it to measure each country capacities -- in each key sector of our work. we're have our law and policies
that hingedder enterprise growth and investment. and many parts of the indo pacific region, we're doing this with with and through american chambers of commerce. all of this is with an eye to designing tools and initiatives that will lower those barriers. strengthen the competitive environment or metric and collaboration with the community will make sure that we're targeting reforms to where they'll make the greatest difference. now, and i'm sure many of you are skeptical you have heard promises have changed before, afterall is -- president reagan used to say that ten most terrifying words in english language are -- hello i'm from the government and i'm here to help. riel rogers claimed he didn't make joke he is simply watched government and reported the facts. as progrowth conservative
myself, i believe such skepticism is healthy it is why we're determined to get this right. to show you trump administration is serious about this new approach, let me offer you a few details on two of the initiatives that secretary pompeo announced this morning in which usaid help construct our approaches. asia edge, and i.t.an. first, asia edge, enhancing development and growth through energy. as you all know, asia's energy market growth represent some of the world most greatest opportunities for u.s. energy and energy related exports. especially advance energy technologies and liquefied natural gas. india which is is on its way to been world most populous country will see its energy needs grow by over 250% by 2015 repghting
almost 3 trillion dollars in market opportunities. vietnam is electricity demand is already increasing nearly 9% annually each year. those of you working in asia knowing that meeting that demanding will require all of us to tackle l some serious challenges. logistics are just beginning in asia. the energy infrastructure is -- at best and it presents numerous challenges of the list goes on and on. usaid can't and shouldn't is try to address all of those problems. but what keek do is help to combat corruption and unfair market practices to get a fairer shake when you put in a bid and greater piece of mind when you sign a deal.
we can build for transaction ares to help them develop the kind of legal and regulatory frameworks that will allow all of you to invest with confidence through asia edge, we're doing our part to make sure that asia is free, fair, and open to american business. and let me tell you how. we're working to integrate regional markets in asia. beside huge opportunities they have transrd beer transmission line and connections, we know from our experience that fosters corporation and inti immigration in one sector is a multiply plyer for corporation integration in others under central asia south asia project for example, usaia did is supporting a 1.2 billion project telling the systems of four con ting wows countries the republican, afghanistan, and pakistan.
because of our direct support to facilitate a streamline of fair procurement process, american companies like general electric were confident enough to place bids. second we're helping asia leapfrog over decades old infrastructure and modernize their energy sectors we're helping them to invest in smart grids efficient technology and mobile apps for electricity payments. these projects will require high-tech solutions the kind that u.s. companies are uniquely placed to provide. third, they'll double, redouble efforts to promote hern exports by working with countries to establish open transparent, and best value procurement processes that create a level playing field for american companies. through targeted match making of companies and governments, we showcase cutting edge
technologies from ours and bridge in american experts to map their energy need to plan for their future. we conduct study tours to the u.s., where asian leaders get to visit and learn from all of you. we forge those personal connections that we all know are key to building long-term business relationships. finally, we have been working with hard to place energy experts that are missions throughout the region. they know their beats. they've also had the benefit of learning from usaid's experience leading to africa which many of you know well. power africa taught us how to identify deals foster deals, and close deals. we reach -- recently launch power africa 2.0 to put all of those lessons to work. but energy is not the only sector that's right for u.s. business in asia. as a fastest growing region in the world, asia represent a
seemingly insatiable demand for infrastructure investment. by asian development bank experts, estimates -- they 1.7 trillion in investment. each year, for the next dozen years to maintain growth and eradicate poverty. today asia invests only 881 billion. barely half of what's needed. in my line of work we know all too well that adequate infrastructure is not only a central for accelerating economic growth, but really is a prerick zit to achieving better health, education, and other development outcomes. and that's why -- we're excited to be part of the infrastructure transaction and assistance network with secretary pomp announce this morning. our role is -- very simply put, to make it
easier for you to do infrastructure business in asia under itan hard at work leveling the playing feild for you and companies like yours. work to promote a rules base and transparent environment for negotiating infrastructurens ifing. and we'll do it by strengthening legal, regulatory procurement camibilities. we'll also continue to invest in identifying and addressing constraints on investment like corruption. one example, in indonesia we partnered with reformers in government and civil society to rebuild, launch, and expand a natural system for public services complaints. including those about corruption, the system now processes more than 20,000 citizen complaints per month. a tenfold increase from before
usaid began providing assistance. simply put, our work is to make your work easier and to make it more transparent this terms of negotiations and offerings. one final thought this morning, it is impossible to talk about the future of indo pacific region and america role there without acknowledging the per verbal elephant in the room. other powers, and other interests are reaching out as well. and not just china, and not just in asia. while we strive to promote independence and self-reliance, they offer very different bargain. one that is very often more enticing in the short-term. but one that we both know will exact a heavy price in the years ahead. let's be clear, noncapitalist
powers are looking to buy influence and lock up access to strategic reare sources. they offer easy money to countries cash up front but these funds come often with disturbing strings attached. unsustainable debt, decreased transparency, restrictions and market comuks and the loss of control of natural resources. in essence they offer a mortgaged future. america's indo pacific strategy offers our partners and enterprise driven future and private enterprise is after all the greatest force known to man for lifting lives and building communities the. our approach is built arranged principles that sound a lot like the classic definition of the american dream. it turns out it is not just the american dream. it is the dream of so many othe
countries and so many other people. and when they achieve it, they not only help their own people rise, but they create stronger strategic partners and allies for american foreign policy and yes, stronger economic partners in comrs for american companies. thank you to all of you for what you have done to bring us to this day. more importantly, thank you to all of you for what you are going to do beyond today to make this vision a reality. thank you. [applause] good morning my name is john murphy senior vice president for international policy, and it is my honor this thunderstorm warning to introduce jeffrey,
garish acting president and chairman of the export import bank of the united states. today's discussion of the remarkable opportunities facing american business and agriculture in the dynamic indo pacific region would be incomplete if we didn't address the bank. xm role is critical to american xettiveness, while the vast majority of trade finances provided by commercial banks, xm remains vital for three reasons. first, it is vital because commercial banks often will not accept foreign receivable of american smanses as collateral for financing leaving xm as the sole option. second, xm is vital because official export credit agencies almost always finance the sale of expensive long-lived capital equipment such as nuclear reactor, aircraft, locomotive and tour boin and if american farms lack such support, we're
seating clear advantage to our commercial rivals. third more than 80 credit agencies around the world and in today's highly competitive global market it is unacceptable to saddle american workers and companies with the the unique disadvantage of being the only exporters in the world without support of an official export credit agency. president trump understands this. as he said of official export credits, lots of small companies are helped by bank but more importantly other countries give it and -- we lose a tremendous amount of business without it. as is widely known bank is not operating normally because it is as a result it can only offer loans or guarantees in amounts less than $10 billion. cons countily a back log of more than 30 billion dollars in deals has accumulated in pipeline made
in america sales product and involving infrastructure across the indo pacific region. we at the chamber are optimistic about the trump administration's commitment to restoring bank and make it once again fully functional. we're optimistic confirmation of the nominee put forward can publish this goal. now, to address the bank and if activities were pleased to welcome jeffrey garish here today he was confirmed by the senate more than a year ago to serve as deputy united states trade representatives. but as i said he appears here today in his role as acting president and chairman of the xm bank. prior to joining usdr investigator practiced international trade law for 20 years he was lead counsel in numerous trade enforcement cases, and a variety of industries that defend them against unfair trade practices. please join me in welcoming ambassador jeffrey garish act aing president, channel of the
export import bank. [applause] thank you john for the gracious introduction and for beer support bank of the united states, and thank you to secretary pompeo and tom donahue for invitation and warm welcome. it is great pleasure to be here with them, secretary's ross and perry, president ray washburn members of congress, friends from the diplomat pick business community, and others to talk about the accident port import bank and the indo pacific region. secretary pompeo noted in his remarks fro and indo pacific region is vital for our economic growth and national security. as this nation eyes long work to advance freedom and prosperity across the region.
for nearly a century they have straited a proud and distinguished history of supporting american companies large and small in their efforts to do business in the indo pacific. bank has those in the transaction 80 years ago. later in 1935, xm provided financing for the export of u.s. steel products and machinery to india. fast forward to conclusion of world war ii, when the bank set up a reare involving fund to reare store, trade in cotton to the region. our work with several countries in the region extends back more than half a century. the xm bank first transportation with vietnam was in 1956. in our first with korea, was in 1959. the xm banks work with american companies in indo pacific region has remained strong in good
times and bad. during the asian financial crisis of the 1990s, xm bank reaffirmed equipment to the region by collaborating with other export credit agencies to help indo pacific countries stay open for business by providing the financing, the roaj needed. and in a decade following the 2008 global financial crisis, xm has provided about 40 billion dollars in support of the american business in the indo pacific region including liquefy natural gas projects in australia, and new guinea all of this as been accomplished by complimenting private financing and providing support where the financial market doesn't. united states is home to the world's most robust and innovative private sec for and we have xm understand that our role to compliment not compete with, private sector banks.
xm fills gaps in the market that private banks can't or won't fill in order to level the playing field for american businesses overseas. many large international projects require the involvement of export credit agencies like x meshings. if xm is not there for american businesses, exports will have to make difficult decision of who to take production offshore give financing from another country's export credit agency, or lose the sale. none of these options benefit the u.s. economy. small and medium size american businesses rely on xm to expand their sales into overseas markets too. 90% for the banks transactions help small small businesses in 6 and 2017, nearly 5,000 of xm authorizations went directly to these smaller american companies. and it is important to keep in mind that these numbers don't
even begin to measure that thousands of small and medium size businesses that mac up the supply chain for larger american exporter who use xm when no private bank can help. today, xm has more than 10 billion dollars in transactions sitting in our pipeline, for the indo pacific region and sectors that include power, mining, transportation, and advance information technology. deals that would support thousands of american jobs here at home. the bank looks forward to continue to do on behalf of american people to move transactions through pipeline and get our businesses the support they need to win these opportunities. at a time when global economic competition has never been more intense, american businesses in american workers need xm fighting their corner. the rest of the world continues
to ramp up under the circumstances use of export credit financings aggressive using export credit agency as as one of seven of economic policy. china in particular has led the way in converting export credit activity from a gap filling instrument to a potent arm of national policy. over the last three years, the two chinese export credit agencies provided about 250 billion dollars in official medium, and long-term financing as part of their belt and rogge and made in china 2025 efficientive. amount of money they are deploying is staggering. many of the, china has provided more export financing support in the last two years than xm has in its entire 84 year existence. a fully functioning xm can help to counter china influence around the world while promoting mutually beneficial and
sustainable engagement and contradicting to greater safety and security. xm will can play a strong role in promoting national security objectives to the united states and partedder ins in the indo pacific region as president said in the national security national security is national security. in particular, xm supported american commercial space industry, has reaped both economic and security benefits for the united states and our parter ins in the indo pacific and xm underwrote 12 transactions totaling 461 million dollars in support of american made satellites to abs, formerly asia broadcast satellite a private company based in hong kong. abs deployed two satellites in 2015 to upgrade and expand its fleet which today afters coverage to 80% of the world's population and targets emerging
markets around the world including india, and southeast asia. at the time, the abs2 built by space systems was one of the largest satellites ever to be launched over ash sha base is provide of satellite and space systems based in palo alto, california, manufactured more than 250 satellites since 1960. the abs mission launched on falcon nine vehicle which also marked xm first launch deal request spacex. as you may know spacex is also basedded in california, an it made history as the first private company in the world to build, launch, and dock a spacecraft at the international space. not only did this xm finance satellite mission support approximately 3700 high-tech jobs in the united states. but it also promoted a private sector led growth of the information in communication technology industry, and a
development of increased connectivity in the indo pacific region. the administration is seeking to strengthen and improve trading relationship. and to increase exports to markets around the world. nowhere is this more true than in the indo pacific region. a region with growing markets that want american exports. president trump has been very clear about how growing the economy, creating jobs here at home, and winning on trade are among the top agenda items for the the administration. xm's mission fits skierly within that agenda. xm can facilitate entry into new market for american companies and serve as a partner to help continue to showcase the world our american standards of high quality craftsmanship, innovation, and fair play. there are too many samples of xm
work helping to expand the exports of american companies to discuss in a limited time we have here today. but i wanted to highlight one, to give you a sense of what xm can do. earlier this year, xm named classic american hardwood to be its 20exporter of the year. classic american hard woods is a small business based in memphis, tennessee. with the support of xm export credit insurance, classic american able to rehire 60 employees after the company had delayed them off due to the collapse 69 u.s. housing market and financial crisis that occurred in 2007 and 2008. despite the devastating effect this crisis had on the domestic lumber industry, the companies able to use xm insurance to rebound by breaking into new markets in asia including vietnam, thai land, malaysia,
and china. like most small businesses, classic american hard woods maintains cash flow through base blend chg king the of a revolving line of credit and its legender, however, would only agree to make the company's foreign receivables eligible as if they were insured. initially, the company was able to access private export credit insurance and its exports boomed. then the financial crisis hit hard and the company's insurers canceled its policy at a time when exports made up 60% of its total sale. enter xm. classic american hard woods prsmed xm's insurance and was a i believe to secure it for receivables which enabled company to regain access to financing. as a result, the company rehired 60 employees that had been laid
off and subsequently added another 15 jobs. ten years later, classic american hardwood exports to customer miss 57 countries old around the world and increased revenue by 67% with all of this increase resulting from are export sales. over the same period, the company topped 150 million dollars in sales insured by xm without a single dollar of credit loss. ...
so it can continue to help american businesses compete more and when overseas opportunities including in the indo-pacific. the talented men and women at xm are excited to do their part to help realize the president's agenda. it has been an honorto speak with you this morning . on behalf of everyone at xm i look forward to working with you to advance our shared goal of expanded economic engagement and sustainable growth in the indo-pacific region. thank you. [applause] so good morning
everybody. it's a thrill to be asked to moderate this panel and i'm delighted that we are not just featuring senior representatives of the us government but also representatives of two other economies that are very important to the indo-pacific initiative. let me start by doing a quick introduction of our panelists today for this discussion on development finance in the region and then we will jump into questions. to my immediate left is ray washburn, president and ceo of the private investment
corporation by president trump last year and he joined the agency about a year ago . opec is the us government's principal development finance institution. it guarantees political risk insurance to finance private-sector investment in emerging markets that have a positive developmental impact. i can tell you from the private sector vantage point, leadership has already been seen and felt, actively engaging globally but also with the private sector and the administration and with congress. ray previously had a distinguished career in the private sector and he hails from texas. to raise left is tadashi maeda. he is the chairman of jabek. jabek's mission is to provide financial support for large projects involving country risk under requiring
long-term financing such as infrastructure and resource development projects. in addition to responding to global financial instability. he brings tremendous domain experience to the role having worked at jabek for 20 years in a senior leadership position and served most recently as ceo and director. at last but not least we have katrina cooper, ambassador cooper served as deputy chief admission of the australian embassy. and it's a position she assumed in october of last year, previously she served as australia's ambassador to mexico with nonresident accreditation too much of central america and before that served at fort moore's b and in chile and as senior legal advisor and in short she's had a distinguished career with the department of foreign affairs and trade which among other responsibilities manages australia's aid and development assistance
program so thank you for being here today. let me start if i can with a broad general question, have each one of you comments from the perspective of your own particular agencies and government which is what is the role of development finance into the broader indo-pacific concept? we hear from secretary pompeo and secretary ross about the broader agenda. but i'd like to start by hearing from each of you about your perspective about why the region matters. your organization's activities and how that work ties into the broader indo-pacific concept. >> thank you for having me here today. we, the way the united states government looks at the development finance is as a tool of our foreign policy and as the secretary spoke , the indo-pacific region has been important to the gain of our republic to trade with the united states and our
goal is to have free and open trade through the entire region and part of that is we need to be sure ports, infrastructure are up to modern standards and they can handle modern trade. we're a demand driven agencies so as we look at projects everywhere from lng to as i said ports and others, we aren't really specifically drilled down onto one country. we are the entire indo-pacific focus. as part of the strategy which he spoke to as well, pretty open ceilings is important to us so with mo use, we signed both japan and australia. it's important that we together look at projects which we have been doing. i'm excited today to announce that open office in japan
housed within the embassy to show our commitment to the region. we currently have $4 billion in the region and the legislation that'sgone through , we hope to double that in the next few years so we needed to have an office open their to have boots on the ground. >> tadashi maeda, maybe i can ask you the same question. as you were speaking in the region and developments, how does jabek figuring? >> we announced the embassy will be free and open in the pacific, and actually the key issue is activity in the region in the indo-pacific and the key issue is free and open andtransparency and rule of law and also the inclusiveness . those common values shared among all of us.
i signed a memorandum of understanding with washburn to president trump's visit to japan and the concept is that the american cooperation between the united states and japan to enhance free and openness and level the playing field in the indo-pacific region and also that the charities played a key role in infrastructure facilities. we're going to develop the cutting edge infrastructure into the region. together with that recipient countries of government and also the ability to mobilize private funding. as the speaker said, there's a lot of demand in the infrastructure region and it would be also to cultivate more demand for example in
lng. the us already has shale gas to be liquefied and the only channel to the pacific region is through the. [inaudible] and in the west coast and the united states so we will support the lng export to the marketplace for that purpose, we have already been doing an effort to cultivate more demand in asia and a building infrastructure like the sitting terminal of lng or high-rise and other infrastructure in the gas and power so those efforts have been synchronized between jabek and north america.
>> patrick cooper thank you for the invitation to be here, it's a pleasure to be on the panel. you closed on a big question, what does the indo-pacific mean to both our organizations. i represent australia but it's more a gephconstruct, it r reality that we leave here today and in fact just last year we published, the australian government published a policy white paper. that's around 14 years which really is a standards analysis of how we see the indo-pacific and our goals and visions. so i'd like in this broad question to hit on some of those which we are doing in some context and there are a number of priorities that we have in the region that i would like to see so i'll go through those and i think we can see goes into what our discussion would be. it's open, inclusive and prosperous and that the rights of all states in that region are respected . we're very committed also and i hope with secretary pompeo
to international rules-based order in the region with companies anything in accordance with international law and particularly looking to resolve disputes. very committed to the free and open facilitation and the flow of capital and trade and ideas with fundamental security and we also have a strong shared bond with our parliamentary countries which are near and important neighbors so that's the broad strategic vision. we have an active agenda across the board includes encouraging the united states to have strong, sustained economic engagement from secretary pompeo this morning. we have an ambitious engagement across the whole range of common interests. we are increasing our cooperation with the region
for india, japan, asia and the united states. and we're working closely with our southeast asian neighbors about the importance of the indo pacific region and also supporting the regional architecture that has really withstood the test of time and served the region so well, particularly the infrastructure like the east asia summit and also institutions like apex. but we're also stepping up our engagement with the pacific and using a whole variety of tools to do that so we are increasing our diplomatic engagement including links so in the last four years around 30,000 young australians go out into the region to study which willserve us well into the future .
increasing our expenditure of 22 percent of gdp and we have a strong development systems program in the region which could be indulged for the next year. and on top of that course probably the crux of what we are talking about most of the panel is our economic engagement and certainly infrastructure is a critical pillar of that.when we look at the infrastructure needs going out into 2013, it does look to be around 26, 27 million according to the adv and that adds up to $2 trillion a year. that's quite a lot of capital that we need to be identifying for infrastructure projects in the indo-pacific class it's a terrific table setting for conversation that we will launch into now about what we see going on in the region and how each of the governments and institutions are actually engaging but
before i turn back into that, let me note for everybody we are going to be taking questions from the audience but doing it through written questions on little cards that should be on everybody's table soduring the course of our discussion , please think of good questions. write them down and there's people that will be floating around to turn to questions from the audience but let me turn back to the general question of how are things going in the region? ray, you guys have an active portfolio. you are being approached by deals from the country themselves. how are you feeling about the indo-pacific region? >> those of you who don't know from what opec does, we have three product types. we're structured finance, 25 percent of our projects, political risk insurance and we can invest in focused funds and there's legislation
going right now call the build which you heard secretary pompeo and the secretary ross mention past the house, it is at the senate right now and it's going to hopefully be voted on in the next couple of weeks that will take apec to a $60 billion agency and give us the most important thing we've been lacking is equity authority. we be able to put equity into projects because the advantage we have, we go to smaller countries is we can give long-term debt, twenty-year debt and the treasury typeinterest rates when a lot of these countries have very high interest rates at very short-term . long-term projects can't sustain having to pay for it pay on cheap debt. all my partnerships with these other countries, the fis can do a lot more projects. if we can get the dole act passed, that's what we use so wewill be active through the
region , through recent projects in july we opened a wind farm and in indonesia which is the largest wind farm in all of southeast asia so and then in our last board meeting we approved a very large wind farm in india . so we can do from that, we've done lng facilities in vietnam to agriculture projects so we are full spectrum investing through the region and we're excited to have a partnership with australia and the japanese because we have one person in the embassy in japan so to be able to market our services in what were doing , we have a much broader marketing apparatus and by partnering up with these other countries, we gain greater coverage andalso political coverage to . >> great detail and it's interesting to hear about the wind development .
come back to the build act for a moment. kudos and congratulations, big forward but how do you see things playing out here? do we see things playing out here? >> i'm not paid to be a pessimist . we passed the house, we passed through to ngos, we felt good about that. it's a corporate bill in the senate right now. we passed the democratic side. we feel we are getting that side there and we are down to just getting a few questions answered on the republican side and hopefully it gets through so hopefully i can't speak for the senate. they have their own way of doing business but hopefully we will get it through by the summer recess. if we don't, hopefully by
september. the bill does expire september 30 first . though we are 75 percent of the way there but i'm not going to what the senate said . >> many of the business community are invested in that equity component and it can help the risk some of these projects. >> opec was started in 1971 and hasn't reformed its financial tools in that whole period of time so it's important we are able to do it because both jabek and others can put equity in their projects and we're cut out to be involved. >> a lot of equity flowing into projects in the asian pacific regions these days for jabek? >> that our annual commitment is in training. and many of them are going to the indo-pacific region and also, the president said that we are focused on shifting focus from the debt site and our annual standing right now is roughly $160 billion but
now we are going to mobilize the private sector so we are going to be a spearhead and the japanese private companies will follow that's a concept now that i'm trying to address . and talking about the supporting lng shipments from the united states to asian pacific region. asian-pacific needs and infrastructure like a receiving terminal and a country like in indonesia, they need imports on shared gas and other lng from shared gas in the united states. they need the infrastructure, receiving terminals as a pipeline and also, the north, south east asia but also east asia like sri lanka, bangladesh. we have to be supportingthese
projects . and also you know, the japanese share in the world trade up lng's are roughly 40 percent. nonetheless, the number is still based upon the oil issues so we need to make the gas market more transparent, more flexible. that's also meet our national interest as well. the indo pacific region is a good customer for oil. we are going to make the shape these lng world trades. and remove as necessary constraints like the destination clause, for example. we need to make it more
active and a more transparent market. >> let me follow up if i can. we are living in an era where private-sector capitalism is on the way. what is the unique value add that jabek brings for projects? when the japanese trading houses come to you, what is it they are looking for? what's the role that jabek plays? >> the role is to take risks. because in infrastructure, a main finance is starting from the emission projects because they have the long-term, the project agreements. there set to be easier but for example, that's the case of the transportation sector that they have to rediscover that. even the private sector, so we're going to take a risk initially and then if the cash flow is going to be stable, we're going to do it. that's a very productive law.that's why i say it's the spirit, that's a key value added benefit that
jabek can do to follow up on that, one reason that secretary of state pompeo mentioned earlier that the indo-pacific region alone needs $23 trillion in investment and even though our $60 billion like a lot of money for jabek and the australians, is a pebble in the ocean so what we're here for is to help facilitate and move things along and some countries, i use vietnam as an example. that's a communist government so it still doesn't play by the same rules, there's a lot of home cooking and a lot of these countries so by having the us and other countries involved from a political risk insurance, it helps companies political cover when they do, like the lng plan that we finance, it's update is vietnam which is a communist government so by
having us involved, that has basically the us government involved in the contract so it brings a little more stability and comfort to the countries to invest and in that case, that was a 3 and a half billion dollar project. now we only put 400 million in but that covers the 3 and a half million. >> you referenced the role economic policy plays australians overall consideration and it's a significant initiative. how do you see the development space figuring in to australia's initiative in the region and i'd also be more generally interested in what you're seeing with the overall health of the region? >> international foreign policy, economic development
is fundamental to our country outlook. we've been workingwith the countries in our region for a very long time .>> about development systems, it will be half $1 billion in infrastructure projects. but it is really important. i would leverage the private sector because we cannot meet the demands of infrastructure in the region, if we are unable to effectively leverage development and if there's infrastructure development, they can't get up the market.they can't grow. people in remote communities will be left out of economic development so it's critical. development of systems is helpful and important but it's insufficient in government assistance in whatever form it takes . this sort of paradox and facilitation that we would provide is important in terms of risk but it's also inadequate pipeline of
infrastructure ready projects and a whole range of other challenges which can work together with the private sector to helpaddress . we have some companies active in the region. the macquarie group is a good example of a significant infrastructure fund and only this month one another significant highway projects in india. so it is about working together , governments and the private sector to identify projects and put the pieces together to enable those projects to come to fruition. >> i remember minister bishop talking about the leverage, if it isn't coca-cola's distribution network which is a creative way to partner with the private sector.
>> with technology there are other options. the last thing i'd say which is important in getting the countries to work as development. in terms of conductivity, we are working with the iconic agenda and digital trade is another important element. >> perfect to lead into the next question i wanted to post which is conductivity. conductivity among the three countries represented here. ray opened has entered into mou, recently with japan with jbic and australia as well. how are you feeling about the work you're doing collaboratively among yourselves and for that matter with other governments and institutions? >> conductivity isn't just taking a shift . another that we've all been involved in is helping develop our 5g networks and i
think the conductivity from that standpoint even in australia we had many discussions on how they connect their islands throughout the pacific. low-lying satellites, so i think conductivity is a much broader fall than it used to be but we are working closely withthem on both of those . >> just an example that i was invited most recently to the pompeo apec summit with five liters of five countries including cambodia and the me on mark altogether. they're very seriously discussing this agreement but also they have been faced with instability from china and some of the balancing act with japan.
he fought because of the strong partnership between the united states and japan, they are, they see the kind of autonomy to china. both strive for productivity but we need to address a clear transparency and share the common values of democracy and rule of law. the comfort we can provide to those countries , this is not in a geopolitical sense but a global asset for everybody. that's the concept, therefore digital conductivity in the future, we have to discuss this to protect property rights and also the open access to the platform. this is a very important and
we have to share the common values among each stakeholder . >> those values of conductivity among the different agencies. >> infrastructure development is to get countries in the region choices about financing and governments and with particularly focused on the standards of procurement and safeguards and increasing investment opportunities so those are the sorts of things government can't exist with and in this context there is a close alignment between what the united states is doing. and japan, so it's very exciting to work with apec in terms of helping to identify potential projects in the region on which we can work together and as i said, i believe we might be able to leverage some of that private-sector money.
>> we also looked at a standard job. we all abide by standards on human rights and environmental issues so other countries don't and so by us trying to set standards, we won't do without those two things. when you see some of the abuses done by others, these countries are taking notice and we won't lend money unless they do. >> let me ask you, is that a competitive advantage actually or a apec and jbic in australia when competing against others? the fact that the standards are high. transparency requirements are being dictated as much as constituencies i sit is and on the street in these emerging markets who want to see money on the right side of the government. does apec's involvement or australia's involvement proved to be an advantage?
>> you know, your competing. i think in today's world with more and more transparency with internet, you are seeing the difference between proper human rights and environmental issues. a lot of these countries, you see the horrific environmental damage done by people who don't have any standards whatsoever. so i think more than the leadership where there is a lot of corruption throughout, the populace are seeing it and they're not standing for it. >> let me pivot and bring up the t word. trade. and ask you, obviously development and finance traditionally has been its own pillar of international economic policy. and i know the agencies around here are not strictly in that lane but the two have always been kissing cousins.
you've got, if you are looking to develop any solid trade policy, and you need solid development policy so maybe katrina, i can start with you. how do you see what's currently happening in international trade? obviously more tension there and we've seen in years past. how is that intersecting with the development agenda in the region? >> the application on trade, we are committed to free and open trade and we will pursue that agenda and continue to work with countries that are lined up on that agenda. and the ctbt i think as it's known is a good example of that. that will come into force next year. we are also pursuing an active bilateral agenda and working with some of our indo-pacific partners on bilateral trade agreements . assets is another original agreement that is underway. so we, there's no doubt in our mind that it's a trading
nation and a country that is now in its 27th year, obviously of economic growth, it's in during the global financial process with australia and we're not going into recession. we believe that a free and open trade leads to strong economic growth and prosperity. so maybe around a more difficult time than we've been in the recent past but we will becontinuing to continue on our trajectory working with like-minded partners for free and open trade in the indo pacific . >> japan is obviously a leader in ctbt as well. how do you see the trade intersection? >> obviously, the chinese government, [inaudible] higher standards of framework of free trade and the mandate
is that project assistance with a free trade and a good fact basis and we need to deploy the cutting edge standards. we do not believe in lower standards even though that's countries including the region and a number of countries much more than the ctpt. however, this is out of the question, and we need to keep the current level of higher standards on trade and eventually benefiting to all the member countries. that is a good national transition, however that in terms of, it's tough because of consensus but the damage here is still bad in trade, particularly in enforcement.
the meetings or that we try to keep the, not cherry picking. keep the good standards and also to promote better standards, higher standards. it's consistent with a departmental mandate . >> is it true a country has signed a free trade agreement with japan for instance, i know japan is active in the space. doesn't mean it's an easier place for you to do business? >> especially profitable for businesses in our country and also we need a level playing field. it is a higher standard, it's good for the business in the future. that's the central point. >> ray, i don't know if you want totalk about this. >> it's up to you, my friend . >> when we do, we're not making loans to companies
that export back to the united states. we don't really get involved in the deal. thank you for asking, though. okay. speaking of asking, let me remind everybody. i'm going to post one more question to the panel and we will take questions to the audience and the question i'm going to post not surprisingly is china. we've heard multiple references this morning to china and for that matter other actors in trade in regional development and in addressing finance needs. and china obviously through its initiative and other broader financial initiatives i think are clearly front and center. so i guess a couple questions . first of all, i'd be interested in what your interactions with the chinese governments have separately
been on these extensive issues and katrina, maybe i can start with you because i know australia participates in the aaib and it does help address infrastructure needs. secondarily, i'd be interested about how you sort of position what japan and the united states are doing in the finance area compared to what china is doing. is it response? is it something completely distinct? how do you think about that? >> i totally go back to one of your early questions about competition. we're not positioning ourselves as competing rather trying to address the enormous demands for infrastructure development and financing. i go back to that $26 trillion headline number. we're the six largest investor going forward and
we're very pleased to be on that board because it helps out , helps shape the rules and standards and to provide another source of financing for projects and plus, it has a aaa rating and in pretty short time, since 2016 , there were 28 investments worth 5 and a half billion dollars so that's good news for the region and we are pleased that that offers an option for finance and if done well, that provides a good offer. >> are you seeing the benefit this point or is it still early? >> what we are seeing is an organization that's working with international standards . >> edison? >> first of all, japan does
not rule out the corporation without china if certain conditions are met. lack of transparency and financial viability because there are some controversial projects which china, a new york times article stated that what happened to the port insri lanka . that was made public, therefore the chinese government, there's also some concern about environmental impacts of those controversial projects which they did. it's the same thing the british empire did in hong kong. that's why that model is updated. now jbic signed a memorandum of understanding with china and we are now incorporating if those conditions are met
and for example that some projects in the mekong area. it's supposed to contribute to strengthening activity in the region. but the key point as i say is that if china accepts these conditions, that's a conditional support. so i think that incidentally, the benefit to china avoids misunderstanding. japan is not a member of aaib, however i had a discussion with the president and many of the projects in confidence withthe world bank , rather the number of staffers. the aaib is not able to make assessments. a lot of the confidence in trade so the governors of
australia says to the europeans that the governance is better than expected. but still, we do not consider to join the aaib yet. >> rick. >> from aaib's perspective, we are not in aid agencies so we expect to get paid back with interest. as we travel, i was just in africa the last three weeks countries like zambia, rwanda, botswana, you landing these countries with an airport that the chinese built that have no prayer of getting paid back. the one in botswana, they have worked like today. a spent tens of millions of dollars building it so the chinese and when i run into them, they got kind of a loan
to own program where they wantto own their project at the end of the day . so we don't compete on that level with them. the things where we compete is more a profit-making venture. for example in kenya there is a very large tollroad that is bidding, we're up against the chinese on and the price differential between what bechtold is building and the chinese is huge, it's a 25 percent price difference but between the chinese under the table and other things , it's a hand-to-hand combat to win this thing . and if bechtold wins it which they will, we will get paid back whereas the chinese, you have to use chinese companies and chinese materials. they get waivers on tariffs and taxes so when they leave the country's are stuck with huge debt that doesn't do
anything where their local economy whereas the bechtold case, they use local the population and train engineers so that when they finish theproject , they left a local, trained workforce so those are the things we are looking at so we can't compete with thechinese, we're not going to .it makes economic sense we will do it, if they don't, those countries have to deal with the consequences of what they are getting into. >> you get the sense that china is slowing down? arethey speeding up? when you're out in africa , what are you seeing? >> i'm seeing it very active. what i read in the paper is , the new york times as a great job last three weeks writing these articles in sri lanka. had one on pakistan afew days ago on the monorail system they don't . the chinese are starting to wake up to, they start adding all these projects up.
it's adding up to tens of billions of dollars that there's strategic ones they want to take back, maybe airports or ports that fit their trade initiatives but a lot of projects, monorail in the middle, pakistan doesn't serve their trade objectives at all so that's going to end up either being a gift to those countries or those countries, what the chinese are doing in a lot of ways is saying you have to pay us back, give us these rare earths over here or minerals or mining interests today so there back door and into a lot of projects. >> a lot of infrastructure type things that they want thatthey didn't loan on is the collateral to get it . so that's just the view from the street. >> okay, let me turn if i can to a few questions we've got here.
they've been sorted through by our crack team so i'm going to go with the first one. practically speaking, how do us companies access quad collaboration to promote and finance projects in the indo-pacific region? i think they mean the four countries but we are talking about the three-year for the time being. if you're an american company, you're looking to engage in the region, what's the best way to be working with each of the respective governments and their trade development resources? >> from our standpoint, if a project that comes in, we have a team that we're opening an office in japan. it looks like it fits out of, let's see an lng project we might want to work on, what's important is helping that bill pass so then i can set down, do equity. the problem by not having that authority is in the past we had to go in to senior
debt and a lot of these other ds guys don't want us to be senior today once we get that authority, we will be able to work was her with both these countries and others . >> we keep a regular contract with the us embassy in tokyo and also, we have shared the list of the projects for candidates for cooperation between theus and japan. as i said earlier , we are doing broadly, also equity investment. we ordered the software to be engaged from the new projects from scratch. they have some opportunity for the business interview projects. we are sharing very quickly those information of the
project with apec. that's proactive engagement and we understand that some policy priorities of the us government this morning, secretary pompeo brought to the hia which is consistent with the policy needs so that they have a chance with a lot of us because we are important over ing's. we are allowing to facilitate more potential exports to contribute to the better and the flexible market in the world. >> i think the right way to frame this question is on a country by country basis because each country has different programs and
different organizations that help countries invest or export overseas. with this cooperation that we're seeing and i can talk about my year between opec and australia that we live in possibilities for partnership in the region and more opportunities for australian companies who might the bill for opec to open up more potential opportunities for those to work with us companies and organizations as well. i think there is no kind of quad infrastructure. it's country by country approach. >> another question and this touches on the subject that came up previously in a couple of your remarks. and it really gets to the issue of technology and the rule of development in that space. the question is we spoke earlier about enhancing technology and things like employment. how are your countries
looking at enhanced cooperation on tattered setting and if i can supplement that wasn't a little bit, we are seeing policies adopted in a number of countries in the asia-pacific region that are potentially not enhancing it or digital integration in the region. greater protectionism, forced localization, things like that. to what extent you see the region as being conducive right now for the forms of projects that you all would front or finance or support that to some extent depend on the free flow data, the integration of the digital connective infrastructure in the region. any thoughts on any of that? >> actually, secretary pompeo announced the us seeking for better dominance.
we are carefully studying china in 2025 on the economy. if we look at these programs it looks like china sees for dominance in a digital economy which is very dangerous. for example, in dep, the concept of free access to future platforms are addressed. that's that no countries should not see for dominance for world trade and the economy in the future. it's a common global asset so the free asset is more important dominance there so that we are carefully tried to be more engagement and hedging.
and we need the support of the united states as strongly as the allies for japan. we need to incorporate in the future. >> i think the pace of technological change is just so fast and isso daunting in many ways . that countries are looking very closely on how we can keep up and set standards for digital trade. i mentioned the project for digital tradethat we are working on . access to cyber is a high priority for all countries in the region . but certainly asked moving. certainly i think it's an increasing focus of most countries also organizations and individual companies to keep up with those changes and to ensure that we are benefiting from technological change and when possible we are working together to make
technology and an answer of trade, not an inhibitor of trade. >> this one's for you if i can. how does opec work with the development agency and i know this is a topic that their thinking about in the context of how development finance reform is being envisioned. can you share any thoughts? >> where we work with them is the companies are agencies for feasibility studies can be done on a certain area and with the buildout we'regoing to get authority to do the same . we will continue to work with them but that's another key tool they are going to give us, the ability to do our own feasibility studies. >> this is at the earliest stages of products to figure out whether they get off the ground or not. >> projects or themes. it could be agriculture and
as i say, i came back from africa and uganda and botswana, they are all pushing agriculture as a way to get out what we don't know if what they're telling us is right or not. we cancommission a study to go what is the export market like ? before avocados from these countries so the middle east, we had the ability to commission statement to do that. we are able to do that and then become an inward facing agency that's been taking phone calls, i've been trying to turn it into a more outward facing market where we can mark that around large us see lot companies and say here's a study because the company, it's difficult to have them spend hundreds of thousands of dollars if we don't know if there's financing. we can say here's the study, here's the market, we will provide financing and it
helps facilitate. >> on a huge fan of usda, they've gone terrific jobs and their able to come up with these projects so it's been great. ambassador cooper, this one's for you. how does australia need a role of the indian river association and how can the us partners help? >> what is it we say, there's a strategy working closely with our economies and we will continue to deepen and strengthen that engagement. >> maybe here's a question that i posed all of you. just take opec as an example. i know one of its characteristics on where it's going to make investments is the degree to which the investment or the activity would support reinforced foreign-policy more broadly. how do you see that playing
out right now? how are you engaging with the white house on foreign policy priorities? i posed the question to everyone and katrina, how do you think about the development assistance activities being partnered and closely tied up with the administration government's broader foreignpolicy initiatives . >> the nsc put up a national security paper. opec and.development finance is mentioned in there and we're not going to ãthe chinese dollar for dollar or anyone else but it's been active in regions and our primary focus is indo pacific , northern triangle, latin america. >> is a piece of our portfolio. we are a last resort in a lot of these places so a lot of these places want to go to afghanistan or iraq so that's one reason we exist is to go into regions that are a
little choppy. >> in japan right now, there's a central coordination of the foreign-policy and investment policy and also that trade policy . in finance as well. we have regularly stay in touch with the prime minister and this is a good thing to kind of do traffic control and also to keep and i on what's going on in that arena. also, i have a meeting with the minister, the foreign minister and so on and so forth so it's a good connection. it's totally different from japan 10 years ago. it used to be many different industries but now the connection is done in a
practical and also very efficient manner. >> are there regions the way ray mentioned, certain geographic regions or subregions that are particularly a priority? >> japan is coasting in trade investment in africa. africa as president washburn said, china is playing a much bigger role . but couple of the projects we already identified the potential cooperation. >> so that's a good step forward and not indonesia but also in the other regions. also in the north american countries. china had a lot of investment, also israel which makes loan to the chinese.
>> is beyond our imagination. high risk investment. we can't do it, however we need to win the good practice in the region throughout the financing corporation between the us, japan and australia and india bring a better outcome. in these countries. >> it's an interesting question on foreign policy and development in's assistance and indeed trade. years ago australia followed these agency and i know it's a clear recognition of the linkages between foreign-policy development systems and trade and we find it useful to be able to see that whole picture but having said that, development corporation is about the development of the country in which the money is being
bought so it's important in terms of having a successful development systems program to work in partnership with the country in which you are working and that is very much hallmark of how we operate. some recent examples which are quite interesting is we are helping build undersea cables to australia so it's important for conductivity. we've got a long-term plan on developing air transport infrastructure, challenging popout new guinea and more broadly we sit down with countries and work together to identify what their development needs and goals are and how we can assist them and achieve that. >> let me close out if i can with the final question and i was struck by not only how each of you but also secretary pompeo, secretary ross all seem to be emphasizing the importance of
rethinking development assistance, rethinking activity in the base with an eye to the private sector. how do you involve it more in the activities of what each of your governments have been doing in the space and given particularly the audience here is a private sector audience, maybe it's for you to share a little bit about what's generated that change and approach? australia has seen that but maybe we will finish up with that series of questions at any last spots. >> we've been recognizing for some time the importance of working with the private sector in development so the private sector has been something we are actively working on for a long time. one thing we did was to set up innovation exchange within the department of trade . and development and
encouraged, we had ideas and challenges, public idea challenges with companies and representatives who were able to put forward ideas that would help promote development assistance in a creative way so that's some really interesting stuff but it's something we are constantly renewing and working on and i go back to the headline point, really. we do need private capital to be able to achieve these development goals .. >> .. . >> by later stage by the private sector as well. because in terms of the profile
after the commissioning of the projects and then the cash generation starting that the other -- the investor, for example, can invest in the field. so, for example, we can secure ties, the after commissioning of the project and then part of that will be sold to the live auction to the other investor fund. this is a more dynamic role of playing to originate or thought to be invested by the private sector. we always -- in the minds of the catalyst and they thought normally we provide 50% or 30%
more by private banks we'll be going more forward to having more law in a later state project. >> fantastic. and the united states government isn't in the business to own any business. so the whole thought is to go into countries our gdp cutoff which sounds like -- doesn't sound like -- a lot of companies that i was just in the gdp per person per year is 7, $800 per year. and so from the u.s. government's perspective to help us companies to stand up where they can't get financing for some reason and they have high unemployment, employment in these countries and bringing the unemployment rate down which a lot of the countries is 30 to 50% creates stable economies,
creates stable governments. and from a foreign policy we would much rather help countries stabilize themselves to business and economics than militarily. so we're in there just to lean in, help get started, pull out and go into another country. we're active in 130 countries around the world. and so but the objective is not for the u.s. government to own any. >> thank you. terrific messages. terrific discussion, i thought. and, you know, at a time where definition is clearly being put around this endo pacific concept. this prong, this pillar, the development finance pillar is one that's off to a great start. great interaction. and just on behalf of the chamber and business community, we look forward to looking to all communities. thank you all. please join me in thanking the
panel. [ applause ] >> [ inaudible conversations ]. >> well, good afternoon, everyone. as our panel exits the stage, i wanted to just take a moment to share a few brief but important announcements with you. my name is nesa and i'm the president of the u.s. indo pacific council. i think we've had a really impactful and consequential set of discussions and remarks so far. and we've got really good conversations up ahead of us. but let me just take a moment first to thank our sponsors today. the albright stonebridge group for making this possible. i wanted to thank the diplomatic that has come out in force.
we have 14 ambassadors and nearly 20 embassies present here today, and i want to thank all of them for coming. in the interest of time, i won't go through and name every ambassador. i know your time is precious, and we are really grateful for your presence. and also your perspectives as we heard from the australian ambassador and we'll hear in the afternoon panel. i also want to shine some attention on some of the announcements that are being made today. this afternoon, tda, the u.s. trade and development agency will sign a grant agreement with india's ilfs energy development company and this will fund technical assistance to advance plan 1,000 megawatt renewable power and energy project. we're also pleased to share that black and beach will conduct the technical assistance. so there will be a signing
ceremony at 1:30 in the lee anderson room if any of you would like it be present for that. we have a lot of different announcements. and i know that there are some fact sheets and such that are being made available for some of the announcements that have been made today. i want to ask that we empty this room for about ten minutes so that we can set up for lunch. and during the lunch conversation, we will be joined by secretary of energy rick perry and david rubenstein. in order to do that for about ten minutes, we would ask that everyone go into the briefing center next door. take your belongings with you. and then we will reconvene with a room that's been set up for lunch. so we'll see you shortly. thank you very much. [ applause ] >> [ inaudible conversations ]
we'll be hearing from rick perry followed by a look at economic priorities and later congressional priorities for the economy in the indo pacific region. again, we'll bring you live coverage as soon as they return from break. and on capitol hill this week, the senate is in for most of august returning from the weekend today at 3:00 eastern time. they'll consider the nomination
of brit grant, judge on the 11th circuit judge. miss grant was a clerk for the current nominee bret cavanaugh. she was also on president trump's list to replace anthony kennedy. a vote to limit debate and announce her nomination has been scheduled for 5:30 eastern time. and in the house, members continue their work period. they'll be holding brief pro for ma sessions friday. you can watch the house live on c-span and the senate live here on c-span2. tonight at 8:30 p.m. eastern, testimony on oil prices and leaders on the energy industry and experts on u.s. energy policy before the senate energy and national resource committee. we'll show the hearing tonight here on c-span2. tonight on the communicators, british conservative party member syed kamall is interviewed by telecom reporter
david sheperson. >> so do you see any concerns from the brexit. >> one of the concerns is actually, once again, immigration. and one of the things the tech companies complain before brexit is access to the best global talent. look at silicon valley. they have the best tech in the world. london is leader in tech globally and they want access to the best talent in the world. one of the things i'm saying is hopefully a policy where you don't get policy for the agreement but we can reach out to the best people in the world. >> watch the communicators tonight at 8:00 eastern on c-span2. >> the relationship between the arts and state economy was one of the topics at the recent 2018 summer meeting of the u.s. governors in santa fe. among the speakers were the ceo of the country music association