The sixth Indo-Pacific Business Forum (IPBF) is set to take place on May 21, 2024, co-sponsored by the United States government in collaboration with the Government of the Philippines. This forum will serve as a platform for government and business leaders from the United States, the Philippines, and across the Indo-Pacific region to exchange insights, foster regional government-business partnerships, and explore commercial opportunities.
The IPBF aims to spotlight impactful private sector investments and governmental initiatives aimed at fostering market competition, job creation, and high-quality development to promote greater prosperity and economic inclusivity throughout the Indo-Pacific.
At its core, the IPBF seeks to advance a vision for the Indo-Pacific region characterized by freedom, openness, connectivity, prosperity, security, and resilience. Given its status as the world’s fastest-growing region, accounting for 60 percent of global economic output and two-thirds of all economic growth over the past five years, the Indo-Pacific is poised to shape the global economic landscape in the 21st century.
The United States continues to be a key economic partner in the Indo-Pacific, with U.S. companies being the leading source of foreign direct investment in the region, amounting to nearly $1 trillion, and a similar amount invested in the United States by firms from the region. Additionally, bilateral trade between the United States and the Indo-Pacific exceeds $2 trillion, with exports to the region and investments from the Indo-Pacific supporting nearly 4 million jobs in the United States.
Through our partnership with the Philippines as co-hosts of the IPBF, we reaffirm our unwavering commitment to the region and underscore the importance of the economic ties that have fostered regional prosperity and interconnectedness.