[Asia Economy Reporter Park Byung-hee] U.S. President Joe Biden is reportedly planning to launch a global infrastructure investment initiative at the Group of Seven (G7) summit to be held in Germany from the 26th to the 28th.
According to Bloomberg on the 16th (local time), Jake Sullivan, White House National Security Advisor, stated at an event hosted by the U.S. think tank Center for a New American Security (CNAS) that a new global infrastructure investment initiative led by the U.S. will be unveiled.
Advisor Sullivan said the plan will expand not only infrastructure but also health and digital infrastructure, and ultimately, the U.S. will provide alternatives to what China offers together with G7 allies. He also added that the U.S. and G7 allies will invest trillions of dollars.
Sullivan emphasized that the new infrastructure investment initiative to be launched at the G7 will be one of the major foreign policy agendas during the remainder of the Biden administration’s term. He also explained that the extent of financial support from the private sector will determine the scale of this investment, and that direct financial support from the U.S. government will be relatively limited.
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