United States President Joe Biden on July 14 said the UAE's $2 billion investment to develop a series of integrated agricultural parks across India with the support of the American and Israeli private sector experts has the potential to sustainably increase the country's food yields in the region threefold in just five years.
Addressing the first virtual summit of the four-nation grouping 'I2U2' in the presence of Prime Minister Narendra Modi, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan, President Biden appreciated the work of the three leaders to deepen the linkage and the muscle cooperation between critical partners in the Middle East and Indo-Pacific to deliver very important projects for the people.
"India is a major, major food producer in the world. Think of the beneficial impacts this will have on India's farmers and the people suffering from hunger and malnutrition in the region," Biden said on the UAE's initiative. Similarly, the United States has already funded a feasible a feasibility study for a hybrid renewable energy project in India to develop 300 megawatts of wind and solar capacity as well as battery storage, he said.
The United Arab Emirates will invest $2 billion to develop a series of integrated food parks across India under the framework of the four-nation grouping 'I2U2', the White House said. The new grouping is known as 'I2U2' with "I" standing for India and Israel and "U" for the US and the UAE.
"With our four nations working together to unite our expertise and drive private sector investment, this is going to help India reach its climate and energy goal of 500 gigawatts of non-fossil fuel capacity by 2030," Biden was quoted as saying by the White House. "Our challenge together is to deliver real results that people can feel in their everyday lives," the US president said, adding that the four nations represent some of the most innovative, technologically capable, and entrepreneurial people on the planet.
Another key area where the four countries can make big differences is infrastructure," he said. "There's an enormous need around the world for infrastructure infrastructure done the right way: transparently, in partnership with the communities that are being served. Right now, there's a vacuum," Biden said, in an apparent reference to China's Belt and Road Initiative (BRI).
Chinese President Xi Jinping's multi-trillion dollar BRI infrastructure initiative has been criticised for hitting nations like Sri Lanka with too much debt. Last month, G7 leaders unveiled detailed plans to mobilise $600 billion in funding for the developing world in a move seen as a counter to China's Belt and Road Initiative.
In his remarks, Biden said that over the next few years, the I2U2 group will work to identify new infrastructure projects that they can invest in and develop together. "This meeting is just a first step, a chance to demonstrate the value of this new format for cooperation between our four nations. And I'm looking forward to staying closely connected and engaged at the leaders' level as we build out the scope of the I2U2 and work together for everyone," Biden said.
"We can do a great deal if we stick together," the US President said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
