A speaker addresses participants during the 2023 Indo-Pacific Business Forum in Tokyo, Japan. | Photo by IPBF
NEW YORK – In partnership with the Government of the Philippines, the United States, through its U.S. Trade and Development Agency, is sponsoring the sixth Indo-Pacific Business Forum (IFBF) on May 21, 2024, the U.S. Department of State has announced.
Government and business leaders from the U.S., the Philippines, and Indo-Pacific will exchange ideas, explore regional government and business partnerships, and discuss commercial opportunities.
According to the U.S. Department of State, the Indo-Pacific region is the fastest-growing region, which accounts for 60 percent of the world economy and two-thirds of all economic growth over the last five years. The IPBF, it said, 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.
In addition, the IPBF advances a vision for an Indo-Pacific region that is free and open, connected, prosperous, secure, and resilient as the region shapes the trajectory of the global economy in the 21st century.
As a major economic partner in the Indo-Pacific, the statement said U.S. companies continue to be the top source of foreign direct investment in the region with nearly $1 trillion in U.S. investments, and roughly the same invested in the United States by firms in the area. The U.S. also remains a major trade partner with more than $2 trillion in two-way trade. Exports to the region and investments from the Indo-Pacific support almost 4 million U.S. jobs.
With the Philippines as the U.S. co-hosts, the statement also said the U.S. underscores its sustained commitment to the region and highlights the economic ties that have contributed to regional prosperity and interconnectedness.
The event is expected to convene 500 leaders from across the region and include a live stream participation. The 2024 key themes and topics are clean energy, digital transformation, supply chain resiliency, transportation infrastructure, and emerging technologies.
In 2023, according to IPBF, more than 1,300 participants from the public and private sectors joined with 54 speakers, 55 countries represented, and 18 keynote sessions and roundtables in Tokyo, Japan.
Todd Abrajano is USTDA’s Chief Operating Officer and head of the Agency. He leads the Agency’s export promotion efforts, supporting U.S. jobs and businesses in priority development projects within emerging agribusiness, energy, healthcare, ICT, and transportation markets.
–With Ricky Rillera
