Trump admin to challenge China in its own backyard

02 August, 2018, 13:48 | Author: Mable Gonzales
  • Pompeo to unveil investment push in Indo-Pacific | TheHill

"The secretary will announce new U.S. government initiatives and new fundings, primarily focused on digital economy, energy and infrastructure. these sectors are the foundation of Indo-Pacific economic future.which will accelerate U.S. private sector investment in the region", he added.

In a speech at the Indo-Pacific Business Forum hosted by the U.S. Chamber of Commerce, Mr. Pompeo called for the region to remain "free and open", an implicit challenge to China's approach to its neighbors.

Observing that India and the US share enduring interests and values as the oldest and largest democracies, the top American diplomat said that India-US partnership is rooted in shared democratic values. To realise that potential, countries of the Indo-Pacific will need to attract almost Dollars 26 trillion in capital from the private sector and not the government to fund their energy and infrastructure needs, Nisha Desai Biswal, president of the US India Business Council (USIBC) said.

The $113 million in assistance will clearly not scratch the surface of the financing needs in the Indo-Pacific region.

Pompeo said the United States has signed a $350 million investment compact with Mongolia to develop new water sources. And while he spoke about leveraging these initiatives with U.S. allies and partners in the region, he said little about what Washington would pursue, with whom, and where. We're looking for partnerships.

"I would say a year ago and a half of this administration has been a great deal of focus on deepening economic, security and diplomatic ties between the United States in India. We know that India is a very important market for the countries of Asia and we want to support that greater collaboration in the region", she said.

"This is key to global peace".

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"The American people and the whole world have a stake in the Indo-Pacific's peace and prosperity, it is why the Indo-Pacific must be free and open", he stressed.

In the 1960s, the USA grew partnerships to address basic developmental needs.

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

"This partnership represents our commitment to an Indo-Pacific region that is free, open and prosperous", the three nations said in a joint statement issued on Monday, according to Bishop.

The initiative will grow foreign energy markets and boost United States energy exports by expanding public-private partnerships, fostering business-to-business connections, and helping partner governments set market-based energy policies. 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.

The Australian government has raised fears in recent months that some small Pacific nations might get trapped with unsustainable debts, handing Beijing influence.

The US also announced strengthened support for important regional institutions, including the Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, the Lower Mekong Initiative, and the Indian-Ocean Rim Association.

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