New Delhi,

The United States will announce new initiatives and funding in the areas of digital economy, energy and infrastructure as part of its strategy to expand economic cooperation with allies including India, Japan and Australia in the Indo-Pacific region. The announcements will be made on Monday night by US Secretary of State Mike Pompeo while addressing the Indo- Pacific Business Forum to be organised by the US Chamber of Commerce in Washington. Pompeo tweeted that that forum will include participants from India, Japan, Australia, Singapore and Indonesia. “Allies and partners are essential to US aims in the Indo Pacific,” he said. Senior Policy Advisor to the Secretary of State, Brian Hook, said in a conference call that the US would also announce its first-ever contribution for the Indian Ocean Rim Association. Hook said India is a key partner in the region for ensuring peace, stability and prosperity and the US and India are working together to deepen economic, security and diplomatic ties. Hook said the core message of the administration at the Indo-Pacific business forum would be that a free and open strategy is good for the region and business and the US is deepening economic engagement in the region with countries like India, Japan, Australia. He said the event is being held at the US Chamber to highlight the importance of the private sector as the private sector is crucial to expanding strong commerical ties with the region and the US government is fully supportive. The senior policy advisor in the Trump administration said the new initiatives would boost FDI from American companies in the region and boost export creating job opportunities. He said Secretary Pompeo would be visiting the region shortly to meet with ASEAN counterparts and the initiatives announced today are just the initial commitment to growing strong economic ties with the Indo-Pacific region. As per US government estimates, the Indo-Pacific has emerged as a critical engine for growth, with Asian economies projected to create 50 per cent of global GDP in the coming decades. To realise that potential, the countries of the Indo-Pacific will need to attract nearly $ 26 trillion in capital to fund their energy and infrastructure needs. According to the preview of the event, the United States will be a critical player in both investing the capital, and building the technology and infrastructure that the region requires. The Indo-Pacific also represents one of the most important and fastest-growing markets for US goods and services, it said. The Indo-Pacific Business Forum will bring together key US Cabinet Secretaries and senior leaders from government and business to discuss how government tools and policies can facilitate private sector partnerships to unleash the full potential of the Indo-Pacific region.