Thursday, October 29, 2020

US to increase investment in Indo-Pacific region

 The United States (US) is increasing investment in the Indo-Pacific region.

Concluding the Indo-Pacific Business Forum 2020 in Vietnam today, the US has announced the plans to increase investment for the economic development of the Indo-Pacific country, which has more than 60 per cent of the population and is growing in emerging economies, according to a press note issued by the Indo-Pacific Business Forum 2020.

At the event, US government and private sector representatives noted the need to increase investment in energy, information technology and healthcare for the economic development of Asian countries. In November 2017, US President Ronald Trump unveiled the US concept of an independent and open Indo-Pacific, the press note reads, adding, “Since the first Business Forum was held in July 2018, the US has been increasing its investment.”

The forum held in Bangkok in 2019 focused on digital economy, quality infrastructure and sustainable energy development for economic development. The 2020 forum focuses on the Indo-Pacific region’s digital infrastructure, energy, and transportation strategy for 2021.

Speaking at the forum, secretary of State Michael Pempoi said the US has invested more than $100 billion in the Indo-Pacific region in partnership with the private sector, energy, infrastructure, telecommunications and poverty alleviation. The US has invested in 59 projects worth 85 billion for energy security alone and is increasing his investment for the development of the region’s economy, he added.

“President Trump has placed special emphasis on increasing investment and partnership in the Indo-Pacific region, noting that the US has always stood for good governance, transparency, independent business and technological innovation,” the press note reads,

Vietnam’s deputy prime minister Pham Winh, on the occasion, said that Vietnam has created a conducive environment for investment and welcomes US investment. 

At the forum, the US Agency for International Development (USAID) announced an additional 28 million in investment in the Indo-Pacific region. The US announced the investment through the Asia Enhancing Development and Growth Through Energy (Asia EDGE) campaign.

Likewise, the United States Trade and Development Agency (USTDA) – during the forum – said that it will launch various projects to increase investment in energy, information technology, healthcare, and transportation. The USTDA promote natural gas infrastructure development in the energy sector, 5G solutions in information technology, public health campaigns under health care, and Southeast Asia Aviation Partnership in the transport sector, it said.

According to USTDA chief operating officer and head of the agency Todd Abrajane, the USTAD will increase investment in a variety of projects, focusing on sustainable infrastructure and economic growth.

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