June 29, 2022
New agreements align U.S. investors, regional governments on infrastructure
U.S. Ambassador says new trade and investment frameworks meet new global challenges
SINGAPORE -- The American Association of the Indo-Pacific (AAIP) stated today that the newly launched Partnership for Global Infrastructure & Investment (PGII) and the Indo-Pacific Economic Framework (IPEF) completely align regional government and U.S. business interests to meet global challenges on infrastructure.
Speaking at an event for the launch of AAIP’s report, ‘Opportunities for the Partnership for Global Infrastructure & Investment in the Indo-Pacific: Perspectives from the U.S. business community’, U.S. Ambassador Jonathan Kaplan said that the IPEF and PGII are timely and effective tools for dealing with the infrastructure challenges facing the region.
“The Indo-Pacific region is facing an infrastructure shortfall. At the same time, it is facing challenges in developing clean energy, digital infrastructure, and resilient supply chains. The launch of the PGII by President Biden earlier this week, during the G7, is well-suited to deal with these challenges.
“At the same time, the IPEF will make it easier for U.S. businesses to invest in infrastructure projects in the region by improving governance, smoothing cross-border data flows, strengthening supply chains, and setting new standards across the region.”
The report was released at an event sponsored by PayPal, co-hosted by AmCham Singapore, and featured remarks by Dr. Hsien-Hsien Lei, CEO of AmCham Singapore.
“American businesses are the largest investors across the Indo-Pacific region, far outstripping those from any other economy, with the stock of investment approaching USD 1 trillion,” said Dr. Lei.
Adding, “These businesses are ready to partner with governments in the region as well as the Biden administration in delivering on infrastructure that will support sustainable and equitable growth in the region.”
A panel discussion with U.S. private sector leaders was held, moderated by Kurt Tong, a partner at The Asia Group and a member of AAIP’s Advisory Board.
Participating on the panel was Charles Freeman, Senior Vice President for Asia at the U.S. Chamber of Commerce, who emphasized that American businesses have long been partners in the growth and development in the region and welcomes the opportunity to assist in any appropriate commercial outreach between governments.
The AAIP report made a number of key recommendations on the architecture of the PGII, including establishing a regional secretariat for the Indo-Pacific in Singapore; mobilizing a PGII advisory council to integrate the views of the business and investor community and feed these into the secretariat; and launching an annual PGII Indo-Pacific Summit, with AAIP appointed as the private sector organizer.
Jackson Cox, Interim President of AAIP, said, “The AAIP report’s practical recommendations underline the alignment of IPEF and the PGII in dealing with the challenges of the era, from sustainability to supply chains.”
About AAIP
The American Association of the Indo-Pacific (americanindopac.com) is a membership-led organization that works to strengthen American business and investment in the Indo-Pacific region. AAIP does this through policy initiatives, ongoing engagement with policymakers in Washington, D.C., and in the region, and close collaboration with other business associations. AAIP is legally registered in the United States as a 501c6 non-profit corporation. AAIP membership is only held by U.S.-headquartered companies and business associations.
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