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

Washington [US], July 14 : A USD 2 billion project for agricultural parks in India is likely to be announced at the first I2U2 Leaders' Summit, which begins on Thursday with a focus on food security challenges. The project will be funded partly by the UAE with technical expertise provided by Israel and with support from the US private sector, a senior White House official said.
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.
"The (Biden) President will then participate in the first I2U2 summit with the leaders of Israel, India, and the UAE. And this grouping of countries is unique in how they can work together to tackle global challenges. And a focus tomorrow will be on the food security crisis and also on advancing clean energy," a senior US official said in a background press call.
"And I think it's an interesting moment to be in the Middle East because, of all the global challenges and crises, very few of them, if any, are really emanating here from the Middle East region. And, in fact, countries here in the Middle East region are lending their resources, their ingenuity, their innovation to actually try to tackle those challenges," the official added.
The US official said this grouping will focus quite a bit on the food security challenge.
"And we'll have a USD 2 billion project, which the UAE is helping to fund, for agricultural parks in India, which is focused on the food security challenge, among some other things that will be announced," the official said.
"We'll have some more details about it tomorrow. And Israel lending some of its technological expertise and then also some support from the U.S. private sector," the official added.
The US official further 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 Tuesday.
The I2U2 Grouping was conceptualized during the meeting of the Foreign Ministers of the four countries held on October 18 last year. "Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation," the MEA said.
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.