Antony J. Blinken 71st U.S. Secretary of State | Official Website
The Governments of the United States and the Philippines co-hosted the sixth Indo-Pacific Business Forum (IPBF) on May 21, 2024, in Manila. The IPBF is a significant U.S. government commercial diplomacy event in the region, bringing together CEOs, project developers, government officials, and financing sources for priority infrastructure projects in emerging Indo-Pacific economies. Participants engaged through keynote remarks, plenary panels, breakout sessions, and business matchmaking to discuss trends, opportunities, and solutions for critical projects across various sectors.
This year's forum marked the largest in-person IPBF since the pandemic began, with over 700 senior government officials and business executives from the United States, the Philippines, and across the Indo-Pacific region attending. It was also the first time since 2020 that the IPBF returned to Southeast Asia.
"The United States’ vision for a free and open, connected, prosperous, secure, and resilient Indo-Pacific continues with our commitment to expand economic engagement with the region," said Secretary of State Antony Blinken in recorded remarks at the Forum.
Key themes of this year’s Forum included clean energy, digital transformation, supply chain resiliency, transportation infrastructure, and emerging technologies. These themes align with Biden-Harris Administration priorities under various initiatives such as the Indo-Pacific Strategy and the Indo-Pacific Economic Framework for Prosperity (IPEF).
Two priority White House engagements were launched during this year's forum. Senior Advisor Amos Hochstein co-chaired the first Luzon Economic Corridor steering committee meeting alongside Japanese Deputy General Ishizuki and Philippine Special Assistant to the President for Investment and Economic Affairs Go. This initiative follows commitments made at the U.S.-Japan-Philippines Trilateral Leaders’ Summit in April.
Additionally, AUSTR Sarah Ellerman introduced the IPEF Small and Medium Enterprise (SME) Network alongside Counselor Sharon Yuan. This new initiative aims to connect SME organizations across 14 IPEF partner countries to promote regional trade and investment.
Several new efforts were highlighted at this year’s forum:
- **Bangladesh:** A feasibility study grant was awarded by USTDA to CdNet Communications Limited for developing an international submarine cable.
- **India:** The Nexus incubator hub will host a three-day workshop for young South Asian entrepreneurs.
- **Malaysia:** USTDA approved grant funding for a feasibility study on developing a city integrated command center in Sepang District.
- **Philippines:** Multiple initiatives including grants for internet exchange infrastructure development by RISE Philippines; a $20 million loan agreement by DFC with Lhoopa Inc.; creation of an industry working group on civil nuclear power; an MOU between PAEF and DOE on civil nuclear workforce development; announcement of a new DFC office.
New commercial initiatives announced include:
- **Advanced Micro Devices (AMD):** Inaugurated its largest global design center in Bengaluru.
- **Applied Materials Inc.:** Investing $400 million to establish an engineering center in India.
- **Citi:** Emerged as top underwriter for equity capital markets in Asia excluding Japan.
- **Delta Air Lines:** Strengthening presence with new non-stop services to Taipei from Seattle.
- **GE Aerospace:** Expanding its manufacturing facility in Pune.
- **Lam Research:** Training Indian engineers through its virtual fabrication platform.
- **Micron Technology Inc.:** Investing up to $825 million for a semiconductor facility in India.
- **Microsoft:** Making cloud and AI infrastructure investments in Indonesia, Thailand, Malaysia.
- **PepsiCo:** Investing around $90 million in Vietnam's snack production facility.
U.S. Trade and Development Agency Director Enoh T. Ebong led the U.S. delegation at Manila's event which featured keynote remarks from Philippine President Ferdinand Marcos Jr., among others. Senior officials from Japan, Korea also participated along with major companies represented by over 40 members of U.S.-ASEAN Business Council.
For more information on this year's Indo-Pacific Business Forum visit: https://indopacificbusinessforum.com/
