Friday, 19 October, 2018

Australia, Japan join U.S. infrastructure push in Asia

Pompeo to unveil investment push in Indo-Pacific | TheHill Secretary of State Mike Pompeo: U.S. to ‘Deepen Engagement’ in Asia
Jay Anderson | 02 August, 2018, 13:50

Pompeo made this announcement at the Indo-Pacific Business Forum at the U.S. Chamber of Commerce in Washington.

Pompeo made broad claims for United States efforts in the Indo-Pacific, heralding "a new era in U.S. economic commitment to peace and prosperity" in the region.

Pompeo will deliver a keynote speech titled "America's Indo-Pacific Economic Vision".

"If the USA and any other countries have the will to step up infrastructure investment to boost regional interconnectivity, we welcome it", Geng told reporters at a daily briefing.

In Beijing, foreign ministry spokesman Geng Shuang said China viewed the move positively and was willing to work "together with relevant countries including the U.S.to boost regional economic growth, stability and prosperity".

"Our core message... is that a free and open Indo-Pacific is good for the region, it is good for America and it is good for business", he told journalists.

The Chamber of Commerce said on its website that the Indo-Pacific could account for half the world's economy within decades, but needed investment of almost $26 trillion in order to fulfill its potential.




"America will be there and American businesses will be there". "So, the Chamber is a hosting this gathering as an effort to really bring together a lot of these different actors and different perspective and create some opportunities for that connections to be made", she said. We're looking for partnerships. Beijing's BRI calls for half a trillion dollars in investment in infrastructure along trade routes to China, which is expected to overtake the U.S.as the world's largest economy before 2030.

As part of its focus on Indo-Pacific region, the U.S. department of Commerce Monday announced to hold one of its flagship events in India next year. "The fact is that we demonstrate consistently that Australia is very focused on making sure we can help the least-developed economies in our region".

Speaking to business leaders in Washington, Pompeo said the United States would invest US$113m in digital economy, energy and infrastructure in the region and double the government's development finance capacity to US$60bn.

The trilateral infrastructure partnership was created to increase peace, stability and prosperity in the Indo-Pacific, she said.

Economic analyst Qin Peng, a MBA from Tsinghua University, said that carrying out the Indo-Pacific strategy is a big step for the United States. "This is key for worldwide peace and each country's attainment of its own national dreams", Pompeo said.

Expanding energy commerce by growing foreign energy markets, expanding public-private partnerships, and fostering business-to-business connections. He also reaffirmed the administration's support for the Better Utilization of Investments Leading to Development (BUILD) Act, which would more than double the United States government's development-finance capacity, to $60 billion, to support USA private investment in strategic opportunities overseas.

Pompeo also announced strengthened support for regional institutions in the Indo-Pacific, including the ASEAN and US-ASEAN Connect, APEC, and the Lower Mekong Initiative, along with a first-ever contribution to the Indian Ocean Rim Association.

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