UAE Will Invest Rs 16,000 Crore In India For Creating Integrated Food Parks Under I2U2 Pact
Under the framework of the four-nation grouping ‘I2U2′(which stands for “I” for India and Israel and “U” for the US and the UAE), the United Arab Emirates will invest USD 2 billion to develop a series of integrated food parks across India.
This decision came the first virtual summit was held under the leaders of the grouping — Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan.
Tackling Food Security Crisis & Clean Energy
Innovative ways to ensure longer-term, more diversified food production and food delivery systems were discussed as per the joint statement, as the meeting focused on food security crisis and clean energy.
The statement said that India will provide appropriate land for the food parks projects.
Food Parks & Hybrid Renewable Energy Project
The I2U2 said that “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 investments made in the same shall help to eventually tackle food insecurity in South Asia and the Middle East by maximizing the crop yields.
A hybrid renewable energy project in Gujarat consisting of 300 megawatts of wind and solar capacity shall be advanced by the I2U2 group, as per the statement.
There were discussions amongst leaders about leveraging well-established markets to build more innovative, inclusive, and science-based solutions to enhance food security.
As per the statement, to tackle the greatest challenges confronting our world the I2U2 aims to harness the vibrancy of our societies and entrepreneurial spirit.
It was during the meeting of the foreign ministers of the four countries held on October 18 last year that the I2U2 grouping was conceptualized.
In the last few years, India’s bilateral strategic ties with each of the three countries have been on an upswing.