UAE to Invest $2 Billion to Set Up Food Parks in India

Shaji Mathew and Jenny Leonard, Bloomberg News

A customer eats a portion of rice 'Biryani' at a roadside food stall in New Delhi, India, on Friday, June 3, 2022. With the world facing mounting food insecurity because of shortages and soaring costs, governments will be watching rice prices for any sign that political unrest is about to erupt. Photographer: Anindito Mukherjee/Bloomberg , Bloomberg

(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