Mike Pompeo previews 'down payment' on Asia investment

Mike Pompeo previews 'down payment' on Asia investment

Mike Pompeo previews 'down payment' on Asia investment

"So just as the United States made foundational contributions in the past, today I am announcing $113 million in new us initiatives to support foundational areas of the future: digital economy, energy, and infrastructure".

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.

The partnership is based on a memorandum of understanding to support investment in infrastructure in the Indo-Pacific region, signed between the Australian DFAT and US OPIC during Australian Prime Minister Malcolm Turnbull's Washington visit in February. "Where America goes, we seek partnership, not domination", he said.

The US "will never seek domination in the Indo-Pacific", said Pompeo, "and we will oppose any country that does".

The Trump Administration had been using the term "Indo-Pacific" in diplomatic circles for a broader and democratic-led region in place of "Asia-Pacific".

Xie believes that America's new Indo-Pacific initiative will make the US presence in the region stronger and with clearer focus.

In February, Bishop said the three nations, along with India, had discussed opportunities to address "the enormous need for infrastructure" in the region, which encompasses some of the world's poorest as well as fastest-growing economies.

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Among the new investments outlined by Pompeo, the United States will invest $25 million to expand US technology exports to the region, add almost $50 million this year to help countries produce and store energy resources and create a new assistance network to boost infrastructure development. "All would be making announcements or sharing key investment opportunities that they are advancing in the Indo-Pacific region", Biswal said. It supported transformational agricultural efforts, such as the Green Revolution, which forever improved the farming of wheat and rice worldwide and nowhere more than in the Indo-Pacific, he said.

These sectors are foundations of the Indo-Pacific's economic future and the initiatives and funding are designed to accelerate USA private-sector investment in the region, support more job-creating USA export opportunities, and also to meet the region's needs for economic growth and development, Hook said, while declining to give details of the funds.

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. The scale of the Belt and Road Initiative - trillions of dollars - means that United States assistance will not be able to match up.

Australia is forming a new infrastructure partnership with the United States and Japan, amid rising concerns of Chinese influence throughout the Indo-Pacific.

"We'll have contracts that are open and transparent".

"It is a made in China, made for China initiative", he said. "Our way of doing things is to keep the government's role very modest and it's focused on helping businesses do what they do best". "We want these to be commercially available projects led by the American private sector in a way that benefits the entire region and the world", Pompeo told CNBC in an interview.

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