NEW DELHI: The United Arab Emirates will invest USD 2 billion to develop a series of integrated food parks across India under the framework of the four-nation grouping 'I2U2' as its leaders explored practical cooperation and joint projects in areas of food security and clean energy.
It was also announced on Thursday at the first virtual summit of 'I2U2' leaders - Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan - that the grouping will advance a hybrid renewable energy project in Gujarat with a capacity to generate 300 megawatts of wind and solar power and it will be complemented by a battery energy storage systems. The summit of the grouping is known as 'I2U2' with "I" standing for India and Israel and "U" for the US and UAE, came amid increasing geopolitical turmoil triggered by the crisis in Ukraine, and the evolving situation in West Asia.
In his remarks, Modi said the 'I2U2' has established a positive agenda from its first summit itself and that it would make an important contribution in areas of energy security, food security and economic growth. "It is clear that the vision and agenda of I2U2 is progressive and practical," he said noting that the cooperative framework of the grouping is a good model for practical cooperation in the midst of increasing global uncertainties. "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.
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