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Manila Bulletin devider Philippines devider National devider PH, US to host 6th Indo-Pacific Business Forum in Manila

PH, US to host 6th Indo-Pacific Business Forum in Manila

Published Feb 15, 2024 03:02 am

The Philippines and the United States will co-host the 6th Indo-Pacific Business Forum on May 21, 2024 in Manila to discuss the economic opportunities for private sector investments and boost regional economic partnerships.

US_PH2.jpgPhilippine and American flags (Photo from US Embassy in the Philippines/MANILA BULLETIN)

The announcement was made in a statement from the Office of the Spokesperson of the US Department of State earlier this week.

“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 statement read.

The forum is expected to bring business leaders from the US, the Philippines, and the Indo-Pacific region to “exchange ideas, explore regional government and business partnerships, and discuss commercial opportunities.”

Seen by the US as a region that “will shape the trajectory of the global economy in the 21st century,” the Indo-Pacific region 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 IPBF envisions this region to become “free and open, connected, prosperous, secure, and resilient.”

The statement points out that the US remains a “major economic partner” in the Indo-Pacific, with US companies the top source of foreign direct investments in the region.

US companies have invested around $1 trillion in the region, while companies in the Indo-Pacific have also contributed roughly the same amount to the US economy.

Washington is also a major trade partner for the region with more than $2 trillion in two-way trade.

Exports to the region and investments from the Indo-Pacific support almost 4 million jobs in the United States.

“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,” the statement read.

Earlier, Foreign Affairs Assistant Secretary for American Affairs Jose Victor Chan-Gonzaga said both the US and the Philippines are currently finalizing the list of attendees.

It is expected that the IPBF will be participated in by some 500 chief executive officers, project developers, government officials, and sources of financing from across the region.

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US DEPARTMENT OF STATE Indo Pacific Business Forum United States
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