World News | I2U2 Summit: UAE to Invest USD 2 Billion in Agricultural Park Project in India

Washington [US], July 14 (ANI): The United Arab Emirates will invest USD 2 billion in India to develop a series of integrated agriculture parks across the country, the heads of the four countries said at the inaugural I2U2 Group meeting on Thursday.

In a joint statement, the heads of the four countries including -- Israel Prime Minister Yair Lapid, Prime Minister Narendra Modi, US President Joe Biden and UAE President Mohammed bin Zayed Al Nahyan stated that the US and Israeli private sectors will be invited to lend their expertise in India and offer innovative solutions that contribute to the overall sustainability of the project.

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"The UAE - home to the International Renewable Energy Agency (IRENA) and host of COP28 in 2023 - will invest USD 2 billion USD to develop a series of integrated food parks across India that will incorporate state-of-the-art climate-smart technologies to reduce food waste and spoilage, conserve fresh water, and employ renewable energy sources," the joint statement read.

"India will provide appropriate land for the project and will facilitate farmers' integration into the food parks. U.S. and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project. These investments will help maximize crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East," it added.

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The virtual summit of India, Israel, UAE, and the USA dubbed "I2U2" is projected as the Quad for West Asia. I2U2 aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.

"This unique grouping of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security," the joint statement read.

"We reaffirm our support for the Abraham Accords and other peace and normalization arrangements with Israel. We welcome the economic opportunities that flow from these historic developments, including for the advancement of economic cooperation in the Middle East and South Asia, and in particular for the promotion of sustainable investment amongst the I2U2 partners," it added.

The I2U2 Grouping was conceptualized during the meeting of the Foreign Ministers of the four countries held on October 18 last year. "Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation," the MEA said.

It intends to mobilize private sector capital and expertise to help modernize the infrastructure, low carbon development pathways for our industries, improve public health, and promote the development of critical emerging and green technologies. (ANI)

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