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The Financial Express

US supports one million American jobs in Indo Pacific in two years

| Updated: November 03, 2020 14:10:48


Lankabangla and Fianancial Express Lankabangla and Fianancial Express
US supports one million American jobs in Indo Pacific in two years

The United States has supported nearly one million American jobs and assisted over 12,000 US companies active in Indo pacific region that includes Bangladesh since July 2018.

The information was revealed during the third annual Indo-Pacific Business Forum (IPBF), which took place virtually in Hanoi on October 28-29, reports BSS.

According to the factsheet, the US Department of Commerce, in partnership with other US government agencies, has facilitated $37.6 billion in FDI from the region into the US and assisted 4,122 Indo-Pacific clients considering investments in the US since the first IPBF in July 2018.

The 3rd IPBF 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 region.

Three US ministers – Secretary of State Michael Pompeo, Secretary of Commerce Wilbur Ross and Secretary of Energy Dan Brouillette spoke at the forum, participated by 2,600 business and government leaders from the US across the Indo-Pacific region.

Fifteen US envoys from across the Indo-Pacific including US Ambassador to Bangladesh Earl R. Miller also joined the forum.

During the IPBF, they discussed various issues including Energy and Infrastructure, Digital Economy, Market Connectivity, Health and Economic Recovery from the COVID-19 pandemic, US-Indo-Pacific Partnerships and Commercial Opportunities and Women’s Economic Empowerment.

The US officials and business executives highlighted a range of commercial deals and new initiatives that included an MoU between USAID and a consortium of US retail, apparel, and footwear companies and industry associations to help hard-hit supply-chain workers especially women in Bangladesh, Cambodia, Sri Lanka and Vietnam.

The USAID signed the MoU to pursue much-needed relief to the predominantly female workers who are in hardship due to devastating impact on global supply-chains, disrupting trade and investment as well as job cut amid the pandemic.

The USAID has also announced new activities valued at more than 28 million US dollars to advance regional energy markets in South Asia including Bangladesh.

It will improve access to affordable, secure, reliable, and sustainable energy through the advancement of expanded, transparent, and efficient regional energy markets in South Asian nations.

The forum also recalled that the US and Bangladesh have recently signed an Open Skies agreement to establish a modern, market-driven civil aviation relationship between the two nations.

It includes unrestricted capacity and frequency of services, open route rights, a liberal charter regime, and open code-sharing opportunities.

The factsheet also highlighted The Infrastructure Transaction and Assistance Network (ITAN) project that directed $587 million in tools and resources to support priority transactions and capacity building efforts in partner countries including Bangladesh.

India has received $20 billion of foreign investment this year from US companies including Google and Amazon while the US and Japan reaffirmed their shared commitment to establishing a secure, open, and competitive energy market and strengthening energy security in the Indo-Pacific region through the Japan-US Strategic Energy Partnership (JUSEP), said the factsheet.

The State Department said the importance of economic cooperation and partnership is paramount as all nations strive to recover from the unprecedented disruption caused by the COVID-19 pandemic.

“As the world’s largest economy and most generous humanitarian assistance donor, the United States is leading the way in that recovery effort, both at home and abroad,” read the factsheet.

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