The United States government, in partnership with the government of the Philippines, is hosting the sixth Indo-Pacific Business Forum (IPBF) on May 2.
Government and business leaders from the United States, the Philippines, and countries across the Indo-Pacific will exchange ideas, explore regional government and business partnerships, and discuss commercial opportunities, said the Spokesperson at the US Department of State on Monday.
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The IPBF will showcase high-impact private sector investment and government efforts to support market competition, job growth, and high-standard development plus greater prosperity and economic inclusion in the Indo-Pacific.
The IPBF advances a vision for an Indo-Pacific region that is free and open, connected, prosperous, secure, and resilient, said the US.
The Indo-Pacific region will shape the trajectory of the global economy in the 21st century. It is the fastest growing region on the planet, accounting for 60 percent of the world economy and two-thirds of all economic growth over the last five years.
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The United States said it remains a major economic partner in the Indo-Pacific.
US 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 region.
The United States also remains a major trade partner with more than $2 trillion in two-way trade.
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Exports to the region and investments from the Indo-Pacific support almost 4 million U.S. jobs.
"Together with our Philippines co-hosts, we are underscoring our sustained commitment to the region and highlighting the economic ties that have contributed to regional prosperity and interconnectedness," said the Spokesperson.