- Tuesday, November 26, 2024
By: Shubham Ghosh
THE United Arab Emirates (UAE) is set to invest $2 billion (£1.6 billion) to develop a series of integrated food parks across India under the framework of the new four-nation grouping called I2U2 that features besides the UAE and India, the US and Israel.
The decision was announced after the leaders of the four members — Indian prime minister Narendra Modi, US president Joe Biden, Israeli prime minister Yair Lapid and UAE president Mohammed bin Zayed Al Nahyan — held the first virtual summit on Thursday (14).
Addressing the I2U2 Summit. https://t.co/5xIZtVIyXh
— Narendra Modi (@narendramodi) July 14, 2022
In a joint statement, it was said that the I2U2 leaders’ meeting focused on food security crisis and clean energy and they discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems.
On the project related to food parks, the statement said India will provide appropriate land.
“India will provide appropriate land for the project and will facilitate farmers’ integration into the food parks. The US and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project,” the I2U2 said.
It also said the investments will help maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.
The statement added the I2U2 group will advance hybrid renewable energy project in Gujarat consisting of 300 megawatts of wind and solar capacity.
The leaders showed determination to leverage well-established markets to build more innovative, inclusive, and science-based solutions to better food security.
The I2U2 was conceptualised during the meeting of the foreign ministers of the four countries held on October 18 last year.
India’s bilateral strategic ties with each of the three countries have been on an upswing in the last few years.
[With agency inputs]
