I2U2: UAE to invest $2 billion to set up food parks in India

New Delhi, July 14: The UAE will invest $2 billion USD to develop a series of integrated food parks across India, the I2U2 joint statement said. India will provide appropriate land for the project and will facilitate farmers' integration into the food parks.

United States 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 leaders of India, Israel, United Arab Emirates, and the United States have agreed on increasing the joint investment in 6 important areas of water, energy, transport, space, health and food security at the meeting of the "I2U2" Group.

I2U2, 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.
"We intend to mobilize private sector capital and expertise to modernize infrastructure, advance low carbon development pathways for our industries, improve public health and access to vaccines, advance physical connectivity between countries in the Middle East region, jointly create new solutions for waste treatment, explore joint financing opportunities, connect our startups to I2U2 investments, and promote the development of critical emerging and green technologies, all while ensuring near- and long-term food and energy security," the joint statement said.

"We reaffirm our support for the Abraham Accords and other peace and normaliaation arrangements with Israel. We welcome the economic opportunities that flow from these historic developments, including for the advancement of economic cooperation in the Middle East and South Asia, and in particular for the promotion of sustainable investment amongst the I2U2 partners," it added.

"We also welcome other new groupings of countries, such as the Negev Forum for regional cooperation, that recognize the unique contributions of each partner country, including Israel's ability to serve as an innovation hub connecting new partners and hemispheres to strategically address challenges that are too great for any one country to manage alone," it further said.

The leaders discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems that can better manage global food shocks.

Highlights of I2U2 meet

Food Security: The UAE - home to the International Renewable Energy Agency (IRENA) and host of COP28 in 2023 - will invest $2 billion USD 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. India will provide appropriate land for the project and will facilitate farmers' integration into the food parks. U.S. and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project. These investments will help maximize crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.

Clean Energy: The I2U2 Group will advance a hybrid renewable energy project in India's Gujarat State consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system. The U.S. Trade and Development Agency funded a feasibility study for the $330 million USD project. UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners. Israel and the United States intend to work with the UAE and India to highlight private sector opportunities. 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. Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector.

The leaders expressed their determination to leverage well-established markets to build more innovative, inclusive, and science-based solutions to enhance food security and sustainable food systems. The leaders also welcomed India's interest in joining the United States, the UAE, and Israel in the Agriculture Innovation Mission for Climate initiative (AIM for Climate).

They affirmed that these are only the first steps in a long-term strategic partnership to promote initiatives and investments that improve the movement of people and goods across hemispheres, and increase sustainability and resilience through collaborative science and technology partnerships.