This is a foursome which is looking at instant deliverables. The first leaders level summit of the new grouping, I2U2, comprising India, Israel, the US and the UAE, did not waste time dodging around elephants, or should we say, dragons, in the room. Instead, it got down to business and set the path for future of the grouping, with concrete collaborations in two areas of common interest to start with—food security and clean energy.
India will be the host nation for both these initiatives, with the funds and technology coming from the others. The joint statement after the summit between Prime Minister Narendra Modi, Israeli Prime Minister, US President Joe Biden and UAE President Mohammed bin Zayed Al Nahyan declared that the UAE would invest $2 billion to develop a series of integrated food parks across India that will incorporate state of the art climate smart technologies to reduce food wastage and spoilage, conserve fresh water and employ renewable energy sources. India will provide suitable land for the project and facilitate farmer integration into food parks. The US and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to overall sustainability of the project. These investments will help maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.
The other initiative will be to advance a hybrid renewable energy project in Gujarat, consisting 300 megawatts of wind and solar capacity complemented by a battery energy storage system. The US Trade and Development Agency funded a feasibility study for the $330 million project. The UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners. Israel and the US intend to work with the other two countries to highlight opportunities in the private sector. 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
The joint statement noted that this grouping aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges of the world, with a particular focus on joint investment and new initiatives in water, energy, transportation, space, health and food security. The grouping is less about state investments, and more about helping mobilise private sector capital and expertise. The stated areas of collaboration include public health and access to vaccines, advancing connectivity between the Middle East countries, and creating new solutions for waste treatment, exploring joint financing opportunities, connecting startups to I2U2 investments and promoting the development of critical emerging and green technologies.
In his address, PM Modi said it was clear that the agenda of I2U2 was progressive and practical, and at a time of increasing global uncertainties, this cooperative framework was a good model. He said there were six areas where it was agreed to further joint investment. These are: water, energy, transport, space, health and food security. Modi said this was indeed a getting together of strategic partners.
Vinay Mohan Kwatra, foreign secretary, said the format of discussion focused on joint cooperation, and how it helps other countries in the region. He emphasised that the principal approach of the grouping was economic cooperation in the defined scope of six areas. India has strategic partnership with each of the individual countries, and will facilitate and undertake many of these activities in the country.
Lapid, who was hosting the summit, said, “Our goal is to have a private market as a partner. Despite being four different countries, it is clear that all of us want the same thing, including infrastructure development, quality education to children and reducing the damage inflicted on the environment.''
Keeping in tune with the focus of the meet, the leaders kept a host of sticky issues out of the discussion. Although the focus was food security, there was no mention of Russia or Ukraine, and their conflict, which has upset food security in the world. Ukraine is a leading exporter of wheat and sunflower oil. Again, Iran was kept out of the ambit of discussion, though Biden and Lapid discussed issues around Iran during their bilateral. Sanctions on Russia and Iran have impacted energy security in the world.
The grouping is also a means of aiding Israel's integration into the Middle East, read Islamic world. The joint statement welcomes the Abraham Accords and the economic opportunities that flow from these historic developments. It also welcomed other new grouping in the region, such as the Negev Forum for regional co-operation, which recognises, inter alia, Israel's ability to serve as an innovation hub.
