I2U2 will make significant contribution toward energy, food security, economic growth, says PM Modi

New Delhi: Prime Minister Narendra Modi joined US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan at the first virtual summit of the four-nation grouping 'I2U2' on Thursday.The inaugural meeting focused on food security crisis 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.Narendra Modi's addressAddressing the summit virtually, the prime minister said that the framework has set a positive agenda and is a good model for practical cooperation in the face of increasing global uncertainties.He highlighted that the West Asia Quad grouping will "make a significant contribution toward energy security, food security and economic growth globally.""From this very first summit, I2U2 has established a positive agenda. We have identified joint projects in various sectors and prepared a roadmap to go ahead," Modi said."Our cooperative framework is also a good model for practical cooperation in the face of increasing global uncertainties," he added.In his remarks at the meeting, Modi said that "under the I2U2 framework, we've agreed on increasing the joint investment in six important areas of water, energy, transport, space, health and food security."The prime minister termed the vision and agenda of I2U2 as "progressive and practical."Joint StatementFollowing the address, it was announced that a series of food security parks will be established in India with the investment of USD 2 billion by the UAE and India will provide appropriate land for the project and will facilitate farmers’ integration into the food parks.Also, the US and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the food security project.The joint statement also said the I2U2 group will advance hybrid renewable energy project in Gujarat consisting of 300 megawatts of wind and solar capacity.Quad for West AsiaThe 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 I2U2 grouping was conceptualised during the meeting of the foreign ministers of the four countries held on 18 October last year. "Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation," the MEA said.It intends to 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.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 respective regions and beyond.With input from agenciesAlso read:I2U2 joint statement: UAE to invest $2 billion to establish integrated food parks across IndiaPM Modi to attend I2U2 virtual summit todayWhat’s the I2U2 summit that PM Modi will attend virtually? What’s on the agenda?First I2U2 summit: PM Modi to attend virtual meet with leaders of Israel, US, UAE on 14 July12U2, collection of India, Israel, the UAE and the US to hold first virtual summit in July