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BUSINESS EYE JULY 22, 2022 | The Indian Eye 40

I2U2 BOOST FOR INDIA:

$2 billion for food parks and energy

investment in Gujarat

The virtual summit of India, Israel, UAE, and the US dubbed “I2U2” is projected as the Quad for West Asia. The

Group will advance a hybrid renewable energy project consisting of 300 megawatts (MW) of wind and solar capacity

OUR BUREAU remarks at the first I2U2 Leaders
Meeting in a virtual mode.
Dubai/New Delhi
“By mobilizing our mutual
he United Arab Emirates will strength, capital, expertise and mar-
invest USD 2 billion in India kets, we can speed up our agenda
Tto develop a series of integrat- and make important contributions
ed agriculture parks across the coun- to the global economy,” he said.
try, the heads of the four countries Leaders from Israel, India, the
said at the inaugural I2U2 Group United States and the United Arab
meeting on Thursday. Emirates on Thursday stated that
In a joint statement, the heads of they will advance a hybrid renewable
the four countries including -- Israel energy project in Gujarat consisting
Prime Minister Yair Lapid, Prime of 300 megawatts (MW) of wind
Minister Narendra Modi, US Presi- and solar capacity complemented
dent Joe Biden and UAE President by a battery energy storage system.
Mohammed bin Zayed Al Nahyan “The I2U2 Group will advance a
stated that the US and Israeli private hybrid renewable energy project in
sectors will be invited to lend their India’s Gujarat state consisting of
expertise in India and offer innova- 300 megawatts (MW) of wind and
tive solutions that contribute to the solar capacity complemented by a
overall sustainability of the project. battery energy storage system. The
“The UAE - home to the Inter- U.S. Trade and Development Agen-
national Renewable Energy Agen- cy funded a feasibility study for the
cy (IRENA) and host of COP28 in $330 million USD project,” the joint
2023 - will invest USD 2 billion USD Prime Minister Narendra Modi addresses at the first I2U2 (India-Israel-UAE-USA) leaders’ statement read.
to develop a series of integrated food virtual summit, as US President Joe Biden, Israel Prime Minister Yair Lapid and United It added that UAE-based com-
parks across India that will incorpo- Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan listen to him (ANI panies are exploring opportunities
rate state-of-the-art climate-smart Photo/Arindam Bagchi Twitter) to serve as critical knowledge and
technologies to reduce food waste investment partners.
and spoilage, conserve fresh water, “Israel and the United States
and employ renewable energy sourc- I2U2 group countries have intend to work with the UAE and
es,” the joint statement read. The I2U2 Grouping was concep- agreed to increase joint investment India to highlight private sector op-
“India will provide appropriate tualized during the meeting of in six important areas of water, ener- portunities. Indian companies are
land for the project and will facil- gy, transport, space, health and food keen to participate in this project
itate farmers’ integration into the the Foreign Ministers of the four security, Prime Minister Narendra and contribute to India’s goal of
food parks. U.S. and Israeli private countries held on October 18 Modi said on Thursday and noted achieving 500 GW of non-fossil fuel
sectors will be invited to lend their that the agenda of the group is pro- capacity by 2030. Such projects have
expertise and offer innovative solu- last year. “Each country also has gressive and practical. the potential to make India a glob-
tions that contribute to the overall Sherpa-level interactions regu- He said from this very first sum- al hub for alternate supply chains in
sustainability of the project. These mit, I2U2 has established a positive the renewable energy sector,” the
investments will help maximize crop larly to discuss the possible areas agenda and the four countries have statement added.
yields and, in turn, help tackle food of cooperation,” the MEA said. identified joint projects in various The leaders of the four nations
insecurity in South Asia and the sectors and prepared a roadmap to also welcomed other new groupings
Middle East,” it added. go ahead. “Our cooperative frame- of countries, such as the Negev Fo-
The virtual summit of India, Is- It intends to mobilize private work is also a good model for prac- rum for regional cooperation, which
rael, UAE, and the USA dubbed sector capital and expertise to help tical cooperation in the face of in- recognized the unique contributions
“I2U2” is projected as the Quad for modernize the infrastructure, low creasing global uncertainties. Under of each partner country, including
West Asia. I2U2 aimed to encour- carbon development pathways the I2U2 framework, we’ve agreed Israel’s ability to serve as an inno-
age joint investments in six mutually for our industries, improve public on increasing the joint investment in vation hub connecting new partners
identified areas such as water, en- health, and promote the develop- six important areas of water, energy, and hemispheres to strategically ad-
ergy, transportation, space, health, ment of critical emerging and green transport, space, health and food se- dress challenges that are too great
and food security. technologies. curity,” PM Modi said in his opening for any one country to manage alone.

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