Published: Thu, August 02, 2018
World News | By Laverne Osborne

USA unveils Indo-Pacific investment plan

USA unveils Indo-Pacific investment plan

US Secretary of State Mike Pompeo on Monday announced US$113 million in new technology, energy and infrastructure initiatives in emerging Asia during a speech at a forum in Washington.

The US is looking at partnership and not dominance in the Indo-Pacific region, secretary of state Mike Pompeo said Tuesday as he unveiled a series of developmental initiatives, which many experts believe is to counter the "One Belt One Road" policy of China in the region.

Hook said that the secretary's announcements would be an economic pillar for America's Indo-Pacific strategy.

When we say "free" Indo-Pacific, it means we all want all nations, every nation, to be able to protect their sovereignty from coercion by other countries.

Pompeo encouraged private investment and promised to help American companies to develop in the region.

"We know that America's model of economic engagement is the healthiest for nations in the region".

The programmes will extend support for the Better Utilisation of Investments Leading to Development (BUILD) Act, to reform, modernise, and more than double development finance capacity, says a White House release. "American friendship is welcomed, and American businesses are recognised for their ingenuity, reliability, and honesty", Pompeo said.

US Trade Representative Robert Lighthizer said last week that tensions with China are a "chronic problem" that could take years to resolve.

The agreement was expected to be signed at the 18-nation Pacific Islands Forum in September, New Zealand's Ministry of Foreign Affairs and Trade said, describing the Pacific as an "increasingly contested strategic environment".

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"I believe in meeting", Trump told a joint news conference with visiting Italian Prime Minister Giuseppe Conte, when asked whether he was willing to meet with the Iranian leader.

On Saturday in Singapore, he will meet foreign ministers of East Asia Summit member states - Asean plus Australia, China, Japan, India, New Zealand, South Korea and Russian Federation.

"India is a key partner in our efforts to ensure that the entire Indo Pacific region is a region of peace, stability and growing prosperity".

Pompeo said the United States was seeking a "free and open" Asia without domination.

He launched new initiatives to accelerate United States private investment and support job-creating U.S. export opportunities in the areas of digital economy, infrastructure, and energy. "We hope they will bring in real money and put forward some concrete measures to promote the welfare of the local people in its real sense", Geng added.

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

"This is key to global peace". 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 US has carried out an increasingly protectionist economic agenda since US President Donald Trump took office in 2016, setting the tone early on when he pulled out of the Trans Pacific Partnership deal a year ago.

This will start with a $25 million initial investment to improve partner countries' digital connectivity and expand opportunities for USA technology exports.

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