Wary of China's rise, Pompeo announces US initiatives in emerging Asia
Updated : July 31, 2018 12:12 AM IST
In a policy speech delivered amid increased US trade frictions with China and other Asian countries, Pompeo sought to define the economic aspect of President Donald Trump's "Indo-Pacific" strategy, which aims to cast the United States as a trustworthy partner in the region.
US officials said the American strategy does not aim to compete directly with China's Belt and Road Initiative, which involves dozens of countries in an estimated $1 trillion of mostly state-led infrastructure projects linking Asia, parts of Africa and Europe, but rather to offer a more sustainable alternative by encouraging private-sector investment.
Among the new investments outlined by Pompeo, the United States will invest $25 million to expand US technology exports to the region, add nearly $50 million this year to help countries produce and store energy resources and create a new assistance network to boost infrastructure development.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more