UAE’s $2 billion and US, Israel tech for India food parks
The I2U2 formally kicked off at the summit level Thursday with PM Narendra Modi, Israel PM Yair Lapid, UAE President Mohammed bin Zayed Al Nahyan and US President Joe Biden jointly announcing 2 major takeaways in food security and clean energy – a 300 MW hybrid renewable energy project in Gujarat and a $2 billion investment by UAE for developing integrated food parks in India.
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While Biden and Lapid mentioned the Ukraine situation in their opening remarks, as the meeting focused on the food security crisis, Modi said the grouping was a good model for practical cooperation at this time of increasing global uncertainties. The PM described I2U2 agenda and vision as progressive, practical and positive. The joint statement also didn’t specifically refer to the Ukraine crisis even as Biden said in his opening remarks growing food insecurity and volatile energy markets had been made worse by Russia’s “brutal and unprovoked attack against its neighbour”.
The announcement about food parks or what was also described as an India-UAE food corridor backed by technology from Israel and the US is significant for India, foreign secretary Vinay Kwatra said, as it is expected to increase crop yields and farmers’ income while enhancing overall food security in South Asia.
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,” said the joint statement.
“India will provide appropriate land for the project and will facilitate farmers’ integration into the food parks. US 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.,” it added.
According to the joint statement, the I2U2 Group will “advance” a hybrid renewable energy project in Gujarat consisting of 300 megawatts (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 USD project. UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners,” said the joint statement.
Modi also said I2U2 was truly a meeting of strategic partners and called for mobilizing the mutual strengths of the member-states – capital expertise and markets – to make an important contribution to the global economy.
“In the midst of increasing global uncertainties, our cooperative framework is also a good model for practical cooperation. I am sure that with the I2U2, we will make an important contribution at a global level in the areas of energy security, food security, and economic growth.,” he said.
With the meeting focused on food security and clean energy, the leaders discussed “innovative ways to ensure longer-term, more diversified food production and food delivery systems that can better manage global food shocks”.
