The United Arab Emirates on July 14 announced an investment of USD 2 billion to develop a series of integrated food parks across India.
Outcome of the Summit
The decision was announced after the first virtual summit of I2U2 group leaders - Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohamed bin Zayed Al Nahyan.
The Summit was focussed on the food security crisis and clean energy.
Private sectors from the US and Israel will be invited to lend their expertise and provide innovative solutions that contribute to the overall sustainability of the project.
The Summit discussed innovative ways to ensure sustainable, more diverse food production and food delivery systems that can better manage the global food crisis.
The I2U2 group will take forward a 300 MW hybrid renewable energy project in Gujarat with wind and solar capacity.
This was the first summit of this group.
Integrated food parks will incorporate cutting-edge climate-smart technologies to conserve waste, fresh water and employ renewable energy sources in food.
India will provide suitable land for the project and facilitate integration of farmers into food parks.
These investments will help in maximizing crop yields and combating food insecurity in South Asia and the Middle East.
What is the 'I2U2' group?
The I2U2 is a group comprising India, Israel, the U.S., and the UAE, has been called the ‘West Asian Quad’.
The group is known as 'I2U2' with "I" standing for India and Israel and "U" for the US and the UAE.
This view was expressed by U.S. National Security Adviser Jake Sullivan with U.S. President Joe Biden.
The I2U2 grouping was conceptualized during the meeting of foreign ministers of four countries held on 18 October 2021.
Aims of I2U2 Group
I2U2 aims to harness the vibrancy and entrepreneurial spirit of society to address some of the biggest challenges facing the world.
It aims to encourage joint investment in six mutually recognized sectors such as water, energy, transport, space, health and food security.
Appropriate use of private sector capital and expertise to help drive infrastructure modernization, low-carbon development pathways for industries, improve public health, and the development of critical emerging and green technologies.
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