Finance
During its first virtual summit on Thursday, the new grouping of India, Israel, the UAE, and the US (I2U2) is set to unveil a $2 billion food security initiative, which includes the establishment of agricultural parks in India with funding from the UAE.
Prime Minister Narendra Modi attend the I2U2 Summit alongside Israeli counterpart Yair Lapid, UAE President Mohammed bin Zayed al-Nahyan, and US President Joe Biden. The meeting takes place during Biden’s first trip to West Asia as President.
The I2U2 Summit will focus on the current food security challenge, as well as “a $2 billion project for agricultural parks in India, which the UAE is helping to fund,” and other measures will be announced at the meeting, according to a senior US administration official.
According to the official, Israel will contribute technological expertise to the initiative, and the US private sector will contribute some funding.
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 U.S. 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,” Mr. Modi added.
He said the cooperative framework of the grouping is a good model for practical cooperation in the midst of increasing global uncertainties.
“It is clear that the vision and agenda of I2U2 is progressive and practical.” The grouping is known as ‘I2U2’ with “I” standing for India and Israel and “U” for the U.S. and UAE.
“By mobilising the mutual strengths of our countries — capital, expertise and markets — we can accelerate our agenda, and contribute significantly to the global economy,” Mr. Modi said.
“I am confident that with I2U2, we will make a significant contribution towards energy security, food security and economic growth at the global level,” he added.
Source:PIB
