INDIA PM HON’BLE MR.
NARENDRA MODI WILL JOIN US PRESIDENT JOE BIDEN, ISRAEIL PM YAIR LAPID AND UAE
PRESIDENT MOHAMMED BID ZAYED AL NAHYAN AT THE FIRST VIRTUAL SUMMIT OF THE FOUR
NATIONS.
I2U2 AIMED TO
ENCOURAGING mobilise private sector capital and expertise to help modernise the
infrastructure and low carbon development pathways for our industries, improve
public health, and promote the development of critical, emerging and green
technologies.
“BY
MOBILIZING THE MATUAL STRENGS OF OUR CONTRIES – cAPITAL, EXPERTISE AND MARKETS –
WE CAN ACCELERATE OUR AGENDA AND CONTRIBUTE SIGNIFICANTLY TO THE GLOBAL ECONOMY.”
The decision was
announced following the virtual summit held by the leaders of the grouping —
Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair
Lapid and UAE President Mohammed bin Zayed Al Nahyan.
The I2U2 leaders, in
a joint statement, said New Delhi will provide appropriate land and facilitate
farmers’ integration into the food parks.
The grouping focused
on food security crisis and clean energy during their meeting and discussed
innovative ways to ensure longer-term, more diversified food production and
food delivery systems that can better manage global food shocks.
Highlighting the
initiatives with regard to food security, the I2U2 leaders said 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.
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,” the group said in the statement.
The I2U2 group will also 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 joint statement said.
Indian companies are
keen to participate in this project and contribute to India’s goal of achieving
500 GW of non-fossil fuel capacity by 2030. Such projects have the potential to
make India a global hub for alternate supply chains in the renewable energy sector,”
the joint statement added.
The I2U2 leaders
expressed their determination to leverage wellestablished markets to build more
innovative, inclusive, and sciencebased solutions to enhance food security and stainable
food systems.
▪ In September, 2020,
Israel, UAE and Bahrain signed Abraham Accords brokered by the
United States which
has subsequently led to normalising of relations between Israel and
a number of Arab Gulf
countries.
▪ I2U2 was initially
formed in October, 2021 following the Abraham Accords, to deal
with issues
concerning maritime security, infrastructure and transport.
• The aim was to
harness the unique array of capabilities, knowledge and experience of all four
nations which ultimately lead to the formation of I2U2.
Significance of I2U2 for India
▪ India’s West-Asian
Policies:
• Until now, India’s
West Asian policies have largely insisted on keeping its bilateral relationships
separate from each other.
• This is the first
step to bring those relationships with UAE and Israel together and merge them.
• Advantage from
AbrahamAccords:
• India will get
advantage of the Abraham Accords to deepen engagement with Israel without
risking its ties with the UAE and the other Arab states.
➢Benefit Market:
• India is a massive
consumer market. It’s a frontline producer of high-tech and
highly sought-after
goods as well that will attract investors from West Asia.
➢ Thrust to Geopolitical Presence:
• I2U2 will boost India's
geopolitical presence especially in West Asia and India
will strategically and economically establish itself as a World player.
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