Focus on maximizing crop production; UAE to invest $2 bn in India

NEW DELHI / WASHINGTON, D.C. (TIP): The first ‘I2U2’ summit on Thursday, July 14,  zeroed in on two specific projects with initial investments of $1.33 billion to give Indian farmers guaranteed access to Middle East markets and set up a clean energy project in Gujarat to make India the supply chain hub of renewable energy. A four-nation grouping with “I” standing for India and Israel and “U” for the US and the UAE.

The projects are among half a dozen identified by the Sherpas of the four countries at the virtual summit between Prime Minister Narendra Modi, US President Joe Biden, UAE President Mohammed bin Zayed Al Nahyan and Israel PM Yair Lapid.

The vision and agenda of the ‘I2U2’ is progressive and practical. We can accelerate our agenda and contribute significantly to the global economy. Narendra Modi, Prime Minister

The UAE will invest $2 billion to develop food parks in India. The larger aim of the programme is to help tackle food insecurity in South Asia and the Middle East.

The leaders discussed innovative ways to ensure long-term and more diversified food production and food delivery systems that can better manage global food shocks. To this end, the UAE will invest $2 billion to develop food parks in India with expertise from the US and Israel to maximize crop yield and, in turn, help tackle food insecurity in South Asia and the Middle East. A joint statement issued after the summit said the “unique grouping of countries” aims to harness the entrepreneurial spirit to tackle some of the greatest global challenges through joint investments in water, energy, transportation, space, health and food security. The inaugural summit focused on the food security crisis and clean energy.

Madhya Pradesh and Gujarat have started exploring options and have identified banana, potato, rice, spices and onions for the food parks. “We will use this as an opportunity to export perishable food products grown in this corridor to the strategic markets of the Gulf through the UAE. It will enable significant job creation in India,” explained Foreign Secretary Vinay Kwatra. The second is a hybrid renewable energy project in Gujarat consisting of 300 MW of wind and solar capacity complemented by a battery energy storage system. The US Trade and Development Agency funded a feasibility study for the $330 million project and UAE companies will be investment partners. Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector, said the Foreign Secretary.

“The vision and agenda of ‘I2U2’ is progressive and practical. By mobilizing the mutual strengths of our countries-capital, expertise and markets-we can accelerate our agenda and contribute significantly to the global economy,” the PM observed while addressing the summit.

(Source: TNS)