The United Arab Emirates (UAE) will invest 2 billion dollars in India to develop a series of integrated food parks, and the United States of America will set up a hybrid renewable energy project in the region of Dwarka, Gujarat, India, with an investment of 330 million dollars under the I2U2 framework.
This news was announced by the leaders of the four-nation grouping, including Israel, India, the United States, and the UAE, as they hold their first virtual summit. Narendra Modi, prime minister of India said I2U2 had set a positive agenda from the first summit. He said they have identified joint projects in many areas, and have also prepared a road map to move ahead.
He added by mobilizing the common strengths of their countries, including capital, expertise, and markets, they can accelerate their agenda, and together contribute significantly to the global economy.
The I2U2 was conceptualized during a meeting of the foreign ministers of the four countries in October 2021. I2U2 has also agreed to increase the joint investment in six important areas including water, transportation, energy, space, health, and food security.
As the food parks will incorporate climate smart technologies to decrease wastage of food, conserve fresh water, and also employ renewable energy sources, and the hybrid renewable energy project, which consists of 300 megawatts of solar and wind capacity, which is complemented by a battery energy storage system, and is expected to help India establish itself as a supply chain hub globally.