UAE to Invest $2 Billion to Develop Food Parks in India

UAE to Invest $2 Billion to Develop Food Parks in India

The food parks will incorporate climate-smart technologies to reduce food waste and employ renewable energy sources

On July 14, 2022, the Heads of Government of the United Arab Emirates (UAE), India, the United States, and Israel convened for the first leaders’ meeting of the “I2U2” Group.

This unique grouping of countries aims to harness the vibrancy of societies and entrepreneurial spirit to tackle some of the greatest challenges confronting the world.

In particular, the focus of the meeting was on joint investments and new initiatives in water, energy, transportation, space, health, and food security.

The I2U2 leaders highlighted the following initiatives:

Food Security: The UAE – home to the International Renewable Energy Agency (IRENA) and host of COP28 in 2023 – will 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 waste and spoilage, conserve fresh water, and employ renewable energy sources.

India will provide appropriate land for the project and will facilitate farmers’ integration into the food parks. U.S. and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project.

These investments will help maximize crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.

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Clean Energy: The I2U2 Group will advance a hybrid renewable energy project in India’s Gujarat State consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system.

The U.S. Trade and Development Agency funded a feasibility study for the $330 million USD project.

UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners. Israel and the United States intend to work with the UAE and India to highlight private sector opportunities.

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 sector.

UAE President Sheikh Mohamed bin Zayed said: "I was pleased to take part in the I2U2 summit with the leaders of India, Israel & the US. Economic cooperation is integral to achieving peace, security & progress, and by strengthening our partnerships we can create new opportunities & work together to address shared challenges.

"I was privileged to meet some of our nation’s most outstanding students & their families. I congratulate all recent graduates in the UAE and encourage them to continue their educational journeys, harnessing their skills to have a positive impact on their communities & the world."

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 leaders also welcomed India’s interest in joining the United States, the UAE, and Israel in the Agriculture Innovation Mission for Climate initiative (AIM for Climate).

They affirmed that these are only the first steps in a long-term strategic partnership to promote initiatives and investments that improve the movement of people and goods across hemispheres, and increase sustainability and resilience through collaborative science and technology partnerships.

The I2U2 leaders will mobilize private sector capital and expertise to modernize infrastructure, advance low carbon development pathways for industries, improve public health and access to vaccines, advance physical connectivity between countries in the Middle East region.

Besides, the nations will jointly create new solutions for waste treatment, explore joint financing opportunities, connect startups to I2U2 investments, and promote development of emerging and green technologies, ensuring near- and long-term food and energy security.

Read More: UAE to Invest Extra $50 Billion for Climate Action & Renewable Energy

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