In an effort to combat food insecurity in South Asia and the Middle East, a four-nation consortium led by the US will invest $2 billion to establish food parks throughout India.
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. 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 US Trade and Development Agency funded a feasibility study for the $330 million projects. The UAE-based companies are exploring opportunities to serve as knowledge and investment partners. Israel and the US are working with the UAE and India on private sector opportunities.
