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USD 2 billion agricultural park project to be launched in India at I2U2 summit

by Rishika Choudhury

Date & Time: Jul 14, 2022 10:00 PM

Read Time: 2 minute

The first I2U2 Leaders' Summit, which begins on July 14 with a focus on food security challenges, is expected to announce a USD 2 billion project for agricultural parks in India. According to a senior White House official, the project will be partially funded by the UAE, with technical knowledge provided by Israel and support from the US private sector.

The proposed virtual summit of India, Israel, UAE, and the USA dubbed “I2U2” is being projected as the Quad for West Asia. I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.

Focus on the food security challenge

The US official said this grouping will focus quite a bit on the food security challenge. The US official said the project is “a pretty unique, collaborative effort that we think really gets to one of the key challenges that the world is facing today.”

Prime Minister Narendra Modi will participate in the first Leaders’ Summit virtually, along with leaders of Israel, the United Arab Emirates and the United States, today.

“Prime Minister Narendra Modi will be participating in an I2U2 Summit, along with Prime Minister of Israel Yair Lapid, President of the UAE Mohammed bin Zayed Al Nahyan and President of the USA Joseph R 
Biden,” the Ministry of External Affairs (MEA) said in a statement on July 12.

The I2U2 Grouping was conceptualized during the meeting of the Foreign Ministers of the four countries held on October 18 2021. “Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation,” the MEA said.

I2U2 intends to mobilize private sector capital

It intends to mobilize private sector capital and expertise to help modernize the infrastructure, low carbon development pathways for our industries, improve public health, and promote the development of critical emerging and green technologies.

The Leaders will discuss the possible joint projects within the framework of I2U2 as well as the other common areas of mutual interest to strengthen the economic partnership in trade and investment in our respective regions and beyond.

Also Read: I2U2 Summit: 14 जुलाई को पीएम मोदी I2U2 शिखर सम्मेलन में होंगे शामिल!

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