The UAE is looking at an investment of $2 billion 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, according to a joint statement released by I2U2 Group countries.
The I2U2 stands for India, Israel, the UAE and the US which was previously referred as the ‘West Asian Quad.’
Four-nation grouping ‘I2U2’ has established a positive agenda and its framework is a good model for practical cooperation in the face of increasing global uncertainties, Prime Minister Narendra Modi said on Thursday at the first virtual summit of the coalition.
With US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan listening, Modi said the grouping would make an important contribution in areas of energy security, food security and economic growth.
“We have identified joint projects in many areas, and have also prepared a roadmap to move forward in them,” he said in his televised address.
“We have agreed to increase joint investment in six critical areas of water, energy, transportation, space, health and food security under the I2U2 framework,” Modi added.
Israel, India, the US, and the United Arab Emirates held a meeting on Thursday to discuss joint co-operation in food security and clean energy initiatives, among other areas of mutual interest, at the inaugural I2U2 Group meeting, the nations’ heads of state said in a joint statement.
“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 statement read.
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, it said, adding that such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector.
The leaders said they intended to mobilize private sector capital and expertise to bolster efforts in the carbon development space, improve public health and access to vaccines, modernize infrastructure, and advance connectivity between Middle Eastern countries.
They aim to achieve these objectives by devising new solutions for waste management, connecting startups from their respective countries to I2U2 investments, explore areas for joint financing and promote the development of critical emerging and green technologies, in addition to tackling the current global food and energy insecurity crisis.
At the inaugural meeting, the leaders focused on clean energy and the food security crisis, highlighting ways in which they could ensure “longer-term, more diversified food production and food delivery systems that can better manage global shocks.”
“Home to the International Renewable Energy Agency (IRENA) and host of the 2023 climate change conference COP28, the UAE will invest $2 billion in developing a series of integrated food parks across India which will incorporate cutting-edge, climate-smart technologies to reduce food waster, conserve fresh water, and deploy renewable energy sources,” the statement said.
India will provide the land needed for the project and facilitate the integration of farmers into the food parks, it added.
Companies operating in the US and Israeli private sectors will be invited to offer their expertise and solutions that can play a role in contributing to the overall sustainability of the project.
