This will be the first-ever Leaders’ Summit of I2U2 which will be held virtually.
The Leaders will discuss the possible joint projects within the framework of I2U2 as well as the other common areas of mutual interest to strengthen the economic partnership in trade and investment in our respective regions and beyond. These projects can serve as a model for economic cooperation and offer opportunities for our businesspersons and workers, according to a statement from Ministry of External Affairs (MEA).
I2U2 stands for India, Israel, the UAE, and the US, and was also referred to as the ‘West Asian Quad’ by Ahmed Albanna, Ambassador of the UAE to India.
I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security, said the MEA.
The grouping intends to mobilise private sector capital and expertise to help modernise the infrastructure, low carbon development pathways for our industries, improve public health, and promote the development of critical emerging and green technologies, the statement said.
These projects can serve as a model for economic cooperation and offer opportunities for our businesspersons and workers, the MEA stated.
The I2U2 grouping was conceptualised during the meeting of the foreign ministers of the four countries held on October 18 last year. Each country also has Sherpa- level interactions regularly to discuss the possible areas of cooperation.
The grouping also points to India’s growing engagement with countries in West Asia including Israel, with whom India has developed closer ties under PM Modi in the last few years.
Two weeks ago, PM Modi also made a short visit to the UAE after attending the G7 Summit, soon after Vice-President Venkaiah Naidu’s trip in May this year.
