Indo-Pacific Business Forum promotes US' vision of free, open region: US State Department

Washington: The third annual Indo-Pacific Business Forum promoted the United States' vision of the India-Pacific as a free and open region composed of nations that are independent, strong and prosperous, said the US State Department.

The forum took place online and in Hanoi, Vietnam on October 28-29. It was sponsored by the US Trade and Development Agency (USTDA) and co-hosted by the US Chamber of Commerce, the US-ASEAN Business Council, and the Vietnam Chamber of Commerce and Industry (VCCI).

It showcased high-impact private-sector investment and government efforts to support market competition, job growth and high-standard economic development for greater prosperity in the India-Pacific, the state department said.

Over 2,600 business and government leaders from the United States and across the India-Pacific region participated.

"The Forum promoted the United States' vision of the Indo-Pacific as a free and open region composed of nations that are independent, strong, and prosperous," the State Department said in a Fact Sheet.

The 2020 Forum enabled safe and productive commercial and diplomatic engagement despite the pandemic.

The panel discussion during the forum highlighted key themes including energy and infrastructure, the digital economy, market connectivity, health and economic recovery from the COVID-19 pandemic, the US-Indo-Pacific partnerships and commercial opportunities and women's economic empowerment.

The state department said the US officials and business executives highlighted a range of commercial deals and new initiatives, including USD 20 million foreign investment this year from US companies including Google and Amazon in India.

During the same period, the US Department of Commerce assisted over 12,000 US

companies active in the region and supported an estimated 1 million American jobs.

Since the first Indo-Pacific Business Forum in July 2018, the state department said the US Department of Commerce, in partnership with other US government agencies, has facilitated $37.6 billion in FDI from the region into the United States supporting an estimated 50,000 American jobs, and assisted 4,122 Indo-Pacific clients considering investments in the United States.

During the same period, the US Department of Commerce assisted over 12,000 US

companies active in the region and supported an estimated 1 million American jobs.

"India has received $20 billion of foreign investment this year from US companies including Google and Amazon. In July, Google pledged to commit $10 billion in India to accelerate the adoption of digital services in the key overseas market. In January, Amazon announced a USD 1 billion investment in digitizing small and medium businesses, allowing them to sell and operate online," the statement read.

"The USTDA announced its growing commitment to smart cities in India by funding a feasibility study in support of the Ministry of Housing and Urban Affairs' National Urban Innovation Stack - a cutting-edge smart city tool to drive innovation, data-driven governance and capacity building across more than 100 Indian smart cities," it added.

To advance a free and open Indo-pacific, the state department said that the United States, the five Mekong countries - Cambodia, Lao PDR, Myanmar, Thailand, and Vietnam - and the ASEAN Secretariat launched the Mekong-US Partnership to expand and deepen our relationship and promote the stability, peace, prosperity and sustainable development of the Mekong sub-region.

The Blue Dot Network announced at the 2019 Indo-Pacific Business Forum, will help close the gap in the development of quality infrastructure by certifying and advancing projects that uphold international principles and standards, the statement read.

"In collaboration with the US-India Aviation Cooperation Program, USTDA will fund an

innovative executive development training program for India's next generation of aviation leaders," the statement read.