July 15: In addition to a 300 MW hybrid energy project in India, the I2U2 inaugural summit laid the groundwork for India's central role in food exports to South Asia and the Middle East. The UAE will invest USD 2 billion to develop a series of integrated food parks across India.

In the I2U2 Summit, Prime Minister Narendra Modi virtually participated along with Prime Minister of Israel Yair Lapid, President of the UAE Sheikh Mohamed bin Zayed Al Nahyan and President of the USA Joseph R. Biden. Prime Minister in his address said, “I2U2 have identified joint projects in many areas, and have also prepared a roadmap to move forward in them. We have agreed to increase joint investment in six critical areas of water, energy, transportation, space, health and food security under the I2U2 framework.” “Our cooperative framework is a good model for practical cooperation amidst rising global uncertainties,” he added.

In the backdrop of the current global supply chain disruption leading to food inflation and energy crisis, it is notable that the inaugural meeting focused on creating food delivery systems that can better manage global food shocks and also building more avenues of clean energy.

Food Parks to Deal with Food Security Crisis

The UAE will invest 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. I2U2 Summit: UAE to Invest USD 2 Billion in Agricultural Park Project in India.

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.

Renewable Energy Project in Gujarat

The joint statement issued by the leaders of I2U2 Group said, “ I2U2 will advance a hybrid renewable energy project in India’s Gujarat State consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system.”

“Israel and the United States intend to work with the UAE and India to highlight private sector opportunities. Indian companies are keen to participate in this project and contribute to India’s goal of achieving 500 GW of non-fossil fuel capacity by 2030. Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector,” the statement said.

The joint statement issued at the summit said that the grouping intends to mobilize private sector capital and expertise to modernize infrastructure, advance low carbon development pathways for our industries, improve public health and access to vaccines. The leaders also welcomed India’s interest in joining the United States, the UAE, and Israel in the Agriculture Innovation Mission for Climate initiative (AIM for Climate).

After the Abraham Accords, foreign ministers of India, Israel, USA and UAR got together and conceptualised the I2U2 grouping and in an exceptional pace after just 8 months the inaugural summit happened signifying the practicality of this cooperation and improving bilateral relations.

According to the leaders of I2U2 group, these are only the first steps of a long-term strategic partnership to promote initiatives and incentivize innovation. It is the start of a series of measures in increasing sustainability and resilience through collaborative science and technology partnerships and improving the movement of people and goods across hemispheres.

The concluded FTA with UAE and the ongoing FTA negotiations with Israel and Gulf Cooperation council when concluded will build on the platform laid by I2U2 grouping. Thus, India will be able to expand its food exports and trade across the Arab-Mediterranean corridor.

(The above story first appeared on LatestLY on Jul 15, 2022 12:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).