This represents a strategic investment in deeper engagement with the Indo-Pacific while growing our own economy and creating jobs at home, the state department said.
CHINA'S WAY, US WAY Speaking to reporters ahead of the speech, Brian Hook, senior policy adviser to Pompeo, said the United States was not competing with China's mostly state-led infrastructure initiatives.
"The economic relationship between our two countries is strong".
"I know some are wondering about America's role in the region in the light of President Trump's decision to pull out of the TPP", Pompeo said. We supported transformational agricultural efforts, such as the Green Revolution, which forever improved farming of wheat and rice worldwide - and nowhere more than in the Indo-Pacific. To realise that potential, countries of the Indo-Pacific will need to attract almost United States dollars 26 trillion in capital from the private sector and not the government to fund their energy and infrastructure needs, Nisha Desai Biswal, president of the US India Business Council (USIBC) said.
He asserted that it is clear a big part of America's global economic future is in the Indo-Pacific.
"It is an American vision that is deeply engaged in the region's economic, political, cultural, and security affairs".
In the 1960s, the USA grew partnerships to address basic developmental needs.
The US helped Hong Kong, Singapore and other Southeast Asian economies rise from the 1970s onward. "We will help them keep their people free from coercion or great power domination".
"A free and open Indo-Pacific is America's chosen course - and we hope that it will be yours too", he said.
The move comes nine months after the Trump administration openly spoke against the "predatory economic policies of an Asian giant" that threatens to eat into the sovereignty of countries in Indo-Pacific, which has now emerged as a critical engine for growth. It will highlight opportunities for U.S. exporters in Asia.
The initiative will grow foreign energy markets and boost United States energy exports by expanding public-private partnerships, fostering business-to-business connections, and helping partner governments set market-based energy policies.
Further Asia EDGE or Enhancing Development and Growth through Energy will strengthen energy security and promote energy access across the Indo-Pacific.
Of the $113 million in new investments, $25 million will go towards improving partner countries' digital connectivity; $50 million will be used to import, produce, move, store and deploy energy resources' and almost $30 million will be used to "establish a new inter-agency body to coordinate, strengthen and share US tools for project scouting, financing, and technical assistance".
Pompeo announced the launch of an Infrastructure Transaction and Assistance Network to boost the development of infrastructure.
US Secretary of State Mike Pompeo announced details of a plan for development in the Indo-Pacific region on Monday, pledging US$113 million in investments focused on energy, infrastructure and digital connectivity.
US Trade Representative Robert Lighthizer said last week that tensions with China are a "chronic problem" that could take years to resolve. "It's high-quality, it's transparent and it is financially sustainable", Hook said. Still, he frequently sought to frame U.S. companies as the better partners for countries seeking foreign investment.
"This will reflect American values in the high standards, transparency, and adherence to the rule of law".