New Delhi, July 15 (KNN) The initial investments of USD 1.33 billion proposed under the I2U2 partnership will give Indian farmers guaranteed access to West Asian markets and set up a clean energy project in Gujarat to make India the supply chain hub of renewable energy.

The first I2U2 Summit which stands for India, Israel, the UAE, and the US was held on Thursday.

Leaders of the four countries PM Narendra Modi along with US President Joe Biden, UAE President Mohammed bin Zayed Al Nahyan and Israel PM Yair Lapid identified half a dozen projects during the virtual summit.

This group of countries aims to harness the entrepreneurial spirit to tackle some of the greatest global challenges through joint investments in water, energy, transportation, space, health, and food security.

Food security crisis and clean energy were the key areas of focus during the inaugural I2U2 leaders meeting.

The leaders discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems that can better manage global food shocks.

UAE will invest USD 2 billion to develop food parks in India with expertise from the US and Israel to maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.

The second is a hybrid renewable energy project in Gujarat consisting of 300 mw of wind and solar capacity complemented by a battery energy storage system.

The US Trade and Development Agency funded a feasibility study for the USD 330 million project and UAE companies will be investment partners. Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector, said the Foreign Secretary.  (KNN Bureau)