DILI – Indo-pacific now become a regional dispute by giant countries in the world after Beijing announce mega - project that is linking 70 countries across Asia, Europe, and Africa in 2016.
Three countries such as US, Australia and Japan have announced their investment plans in Indo - Pacific on July 31, 2018 to fight Beijing in Indo - Pacific.
Australia, the United States and Japan have announced a trilateral partnership to invest in projects in the Indo-Pacific region that would build infrastructure, address development challenges, increase connectivity, and promote economic growth.
This trilateral partnership is in recognition that more support is needed to enhance peace and prosperity in the Indo-Pacific region.
The U.S. Overseas Private Investment Corp., the Japan Bank for International Cooperation and the Australian Department of Foreign Affairs and Trade released a statement saying that through the partnership, the three countries intend to "mobilize investment in projects that drive economic growth, create opportunities, and foster a free, open, inclusive and prosperous Indo-Pacific."
The trilateral partnership comes as China expands its presence in the region through its large-scale infrastructure investment program called the Belt and Road Initiative.
Beijing has loaned countries across Asia billions of dollars as part of its "Belt and Road" development strategy, including to island nations in the Pacific, a region Canberra views as its backyard.
Areas of investment will include energy, transportation, tourism and technology.
Overnight, U.S. Secretary of State Mike Pompeo announced $113 million in new U.S. investments in technology, energy and infrastructure for the Indo-Pacific region in a speech to the U.S. Chamber of Commerce.
Pompeo said the United States "will never seek domination in the Indo-Pacific," and that "we will oppose any country that does."
Australian foreign minister Julie Bishop said, Australia, the United States and Japan are all significant investors in the Indo – pacific region.
“We have decided to form a trilateral partnership so that we can increase our investment into infrastructures, building connectivity, driving economic growth and meeting economic challenges in the Indo – pacific,” Bishop said in Dili, Timor - Leste.
“This is new infrastructure funding initiatives build on agreement that the prime – minister signed in Washington in February this year, I’ve see on many occasions that no one country alone can meet all the infrastructure needs in the Indo – pacific and so I’m very excited by the prospect of the Australia, the United States and Japan pulling our resources so that we can drive economic growth in the Indo – pacific”.
Bishop added, the founding would be through a arrangement with the Department of Foreign Affairs and Trade, United States has an overseas private investment corporation and in Japan would be Japanese bank for international cooperation but we looking to investment project in technology, in agriculture, in telecommunications, driving economic growth for the people of Indo – pacific.
“We welcome the investment from the other countries into the indo – pacific, no one country can meet all of the investment needs and upset on many occasions that we welcome investment in indo – pacific that adhere so global standard of transparency, accountability, engaging local work forces and ensuring unsustainable death isn’t impose on the recipient nation”.
This is the standard that Australia and the United States and Japan we look here to . . . we want to see the high level of accountability, transparency, good governance using and utilizing the local work forces which is very important to countries in Indo – pacific and ensuring that none of our investment ally to unsustainable death burden on the recipient countries.
Which countries will be the priorities to target for development? Bishop said, clearly this is would be a competitive process and there are great in need and there will be funds available but what we will do is focus on those investments so we make the biggest difference to the economic growth and driving peace revolution prosperity in Indo – pacific that’s our aim.
Clearly, overseas investment so a matter for Japanese private sector they would have to be a business case so it’s obviously have the economic viable. We welcome Japanese investor into Australia in fact the INPEX Lng project is one of the Japan largest overseas investment. We welcome Japanese investment into the energies resources market.
Bishop argues that, Australia is not in race against anybody. The Australian government works with many other government to ensure peace stability and prosperity in the region and that’s why a new trilateral infrastructure partnership with United States and Japan is desiring to do increase peace, stability in the Indo – pacific region.
ONE BELT, ONE ROAD (OBOR) INITIATIVE. One belt one road, also known as the Belt and Road Initiative (BRI) is a project initiated by the Chinese President Xi Jinping. Its objective is to build trade routes between China and the countries in Central Asia, Europe and Indo-Pacific littoral countries.
China is currently undertaking what it considers the largest project of the century — building a network of railroads and shipping lanes linking itself with 70 countries across Asia, Africa, Europe, and Oceania.
The main focuses of the "Belt and Road" initiative — also known as "One Belt, One Road" — are in infrastructure, transportation, and energy.
Countries including India, Pakistan, Russia, New Zealand and Poland have all joined in the project. Together they make up at least a third of the world's GDP. (Oki)