MIGA and Japanese National Insurer to Cooperate: Increasing Insurance Coverage for Japanese Investments in Developing Countries
MIGA and Japanese National Insurer to Cooperate: Increasing Insurance Coverage for Japanese Investments in Developing Countries
Tokyo, Japan, April 6, 1999 — The Multilateral Investment Guarantee Agency (MIGA) signed a Memorandum of Understanding (MOU) on Cooperation with Japan's national insurer, the Export, Import and Investment Insurance Department of the Ministry of International Trade and Industry (EID/MITI), MIGA announced today. The initiative will increase available political risk insurance to cover Japanese investments in developing countries and transition economies. Mr. Motomichi Ikawa, MIGA's Executive Vice President, is currently leading a delegation to Tokyo and Osaka, until April 16, to meet with Japanese investors and companies interested in investing in developing countries.
The MOU will expand MIGA's relationship with EID/MITI through coinsurance and reinsurance arrangements, to increase available investment insurance in the marketplace and effectively utilize these risk-mitigating mechanisms to manage the insurance portfolios of both insurers.
Mr. Motomichi Ikawa, Executive Vice President of MIGA, commented that he expected the MOU to foster new synergies between the two insurers: "MIGA continues its efforts to complement and supplement the role of national investment insurance agencies. I am particularly eager to extend the possibilities of a close alliance with the Ministry to better serve the needs of the Japanese client community."
Mr. Yukio Kitazume, Chairman of the Board of Directors, EID/MITI, welcomed the signing of the MOU with MIGA. "We look forward to working with MIGA. Extending our relationship with MIGA will be mutually beneficial to our respective agencies and will greatly benefit Japanese investors," he concluded.