US announces increased investment in Indo-Pacific region

The Indo-Pacific Business Forum 2020 has come to an end in Vietnam by announcing to increase investment for the economic development of the Indo-Pacific country. At the Business Forum 2020, which ended on Thursday, the United States announced plans to increase investment in the Indo-Pacific region, which has more than 60 percent of the population and is growing in emerging economies.

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. Since the first Business Forum was held in July 2018, the United States 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 United States has invested more than 100 billion dollar in the Indo-Pacific region in partnership with the private sector, energy, infrastructure, telecommunications and poverty alleviation. He said that he 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. President Trump has placed special emphasis on increasing investment and partnership in the Indo-Pacific region, noting that the United States has always stood for good governance, transparency, independent business and technological innovation. In Vietnam, Deputy Prime Minister Pham Winh said 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 United States announced the investment through the Asia Enhancing Development and Growth Through Energy (Asia EDGE) campaign.

At the forum, the United States Trade and Development Agency (USTDA) said it would launch various projects to increase investment in energy, information technology, healthcare, and transportation. The USTDA has stated that it will 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. USTDA Chief Operating Officer and Head of the agency, Todd Abrajane, said he would increase investment in a variety of projects, focusing on sustainable infrastructure and economic growth.