UAE announces investment of $2bn to set up food parks in India
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UAE announces investment of $2bn to set up food parks in India

UAE announces investment of $2bn to set up food parks in India

Israel and US will bring state-of-the-art technologies and expertise to the food parks in India

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UAE to invest $2bn in India’s ‘food parks’

The UAE will invest $2bn 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.

US 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, July 14. The meeting took place on the first day of Biden’s visit to Israel.

Read: US President Joe Biden begins his Middle East tour

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. Israel and the US will bring state-of-the-art technologies and expertise to the food parks in India.

Russia and Ukraine are the world’s third and fourth largest grain exporters, respectively, while Russia is also a key fuel and fertiliser exporter. The crisis in Ukraine has disrupted their exports and pushed world food prices to record levels.

Also read: Abu Dhabi Agriculture and Food Safety Authority announces strategy for 2022-2025

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