(Bloomberg) --

The United Arab Emirates will invest $2 billion to set up food parks across India as part of efforts by a US-led four-nation group to help tackle food insecurity in South Asia and the Middle East.

U.S. and Israeli private sectors will be roped in for technologies to “reduce food waste and spoilage, conserve fresh water, and employ renewable energy sources” at the food parks, according to a joint statement from the group.

The investment plan follows the first leaders’ meeting of the ‘I2U2’ Group, comprising the UAE, India, Israel and the US, on Thursday. US President Joe Biden is leading the meeting while on his tour of the Middle East.  

As part of the initiative, the ‘I2U2’ will also advance a hybrid renewable energy project in India’s Gujarat state with 300 megawatts of wind and solar capacity. 

  • The U.S. Trade and Development Agency funded a feasibility study for the $330 million project
  • UAE-based companies are exploring opportunities to serve as knowledge and investment partners
  • Israel and the US to work with the UAE and India for private sector opportunities

Read more: 

  • India, UAE Seal Deal To Deepen Trade and Investment Ties
  • Biden Should Welcome Mideast’s New Player — India: Mihir Sharma

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