I2U2 Summit: PM Modi Says Vision Of Grouping Progressive, Announces Investment In 6 Key Areas

The grouping also aims to discuss "common areas of mutual interest, to strengthen the economic partnership in trade and investment in our respective regions and beyond".

Heads of India, Israel, the UAE, and the US. (Photos: PTI/Getty)

The four-nation grouping 'I2U2' (India, Israel, the UAE, and the US) virtual summit began on Thursday with heads of all four countries in presence. Prime Minister Narendra Modi along with US President Joe Biden, Israeli PM Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan kickstarted the event. According to reports, the grouping is set to unveil a $2-billion food security initiative, which envisages setting up agricultural parks in India with funding from the UAE.

During the meeting, PM Modi said that the vision and agenda of I2U2 are progressive and practical.

"Under the I2U2 framework, we have agreed on increasing the joint investment in 6 important areas of water, energy, transport, space, health and food security. It is clear that the vision and agenda of I2U2 are progressive and practical," he said.

"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," the Prime Minister said.

"By mobilising our mutual strength, capital, expertise and markets, we can speed up our agenda and make important contributions to the global economy. Amid increasing global uncertainty, our cooperative framework is also a good model for practical cooperation," PM Modi added.

"The unique group of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health and food security," the group said in a joint statement.  

During the meeting, the leaders discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems that can better manage global food shocks.

Furthermore, the leaders expressed their determination to leverage well-established markets to build more innovative, inclusive, and science-based solutions to enhance food security and sustainable food systems.

The joint statement also stated that India will provide appropriate land and facilitate farmers' integration into food parks. Additionally, the I2U2 group will advance hybrid renewable energy project in Gujarat consisting of 300 megawatts of wind and solar capacity

The global food and energy crisis arising out of the Ukraine conflict is likely to figure prominently in the talks.

The grouping also aims to discuss "common areas of mutual interest, to strengthen the economic partnership in trade and investment in our respective regions and beyond".

A joint investments in six areas including water, energy, transportation, space, health, and food security have been identified by the four participating nations.  

"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," the Ministry of External Affairs (MEA) said in an official statement earlier this week.

The I2U2 summit was conceptualised after a meeting of the foreign ministers of the four countries in October last year. The summit comes at a time when Biden is on his maiden tour to Israel after taking over as the US president in January 2021.