US to Co-Host 2024 Indo-Pacific Business Forum

IDXChannel - The United States (US) government, in partnership with the Government of the Philippines, is sponsoring the sixth Indo-Pacific Business Forum (IPBF) in Manila on 21 May 2024.

Government and business leaders from the US and across the Indo-Pacific will exchange ideas, explore regional government and business partnerships, and discuss commercial opportunities.

The IPBF will showcase high-impact private sector investment and government efforts to support market competition, job growth, and high-standard development for greater prosperity and economic inclusion in the Indo-Pacific.

"The IPBF advances a vision for an Indo-Pacific region that is free and open, connected, prosperous, secure, and resilient," the US Departement of State said in a media note.

The Indo-Pacific region will shape the trajectory of the global economy in the 21st century. It is the fastest growing region on the planet, accounting for 60 percent of the world economy and two-thirds of all economic growth over the last five years.

"The United States remains a major economic partner in the Indo-Pacific," it said.

US companies continue to be the top source of foreign direct investment in the region with nearly USD1 trillion in US investments, and roughly the same invested in the US by firms in the region. The US also remains a major trade partner with more than USD2 trillion in two-way trade. Exports to the region and investments from the Indo-Pacific support almost 4 million US jobs.

"Together with our Philippines co-hosts, we are underscoring our sustained commitment to the region and highlighting the economic ties that have contributed to regional prosperity and interconnectedness," it concluded. (WHY)