UAE announces an investment of $2 billion to set up ‘food parks’ in India
- ByStartupStory | July 16, 2022
The United States (US) will establish a hybrid renewable energy project in Dwarka, Gujarat, with an investment of $330 million (about 2,500 crores). In comparison, the United Arab Emirates (UAE) would invest $2 billion (around Rs 15,500 crore) in India to create a series of integrated food parks. The leaders of the four nations—India, Israel, the United Arab Emirates, and the United States—made this announcement during their inaugural virtual summit on Thursday.
Prime Minister Narendra Modi, who attended the gathering, claimed that I2U2 had established a constructive agenda from the first summit. “We have developed a road map to advance in many cooperative projects we have highlighted. We can advance our agenda and make a meaningful contribution to the global economy by using the shared capabilities of our nations, including their money, knowledge, and markets,” he said.
The I2U2 group, also known as the West Asian Quad, has pledged to expand collaborative spending in six crucial sectors: water, energy, transportation, space, health, and food security. Vinay Kwatra, the foreign secretary of India, dismissed the Quad comparison, asserting that the primary goal of the alliance was to mobilise private sector resources and use them for a variety of economic cooperation initiatives.
The hybrid renewable energy project, with a 300 megawatts (MW) wind and solar capacity, will be used in conjunction with the food parks to reduce food waste, conserve fresh water, and use renewable energy sources. It is anticipated that the addition of a battery energy storage system will aid India in becoming a major hub for the global supply chain for renewable energy.
US President Joe Biden stated in his intervention stated, “While the food parks have the potential to sustainably increase India’s food yields by three times in just five years, the hybrid renewable energy project with a battery storage system would help India achieve its climate and energy goal of 500 megawatts of non-fossil fuel capacity by 2030.”
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