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Senior officials from the United States, India, Israel and the United Arab Emirates signed a memorandum of understanding on Wednesday to create a joint business alliance to promote the so-called I2U2 initiative, which focuses on economic development and food security global climate change.
The new coalition will see officials and business councils from each country working together to attract private sector partners to the initiative.
The agreement was signed in Washington on Wednesday by U.S. Undersecretary of State Jose Fernandez, Deputy Chief of Mission of India to the United States Sripriya Ranganathan, Deputy Chief of Mission of Israel to the United States Eliaf Benjamin and the UAE The meeting was attended by Ambassador to the United States Yusuf Otaiba.
The memorandum will focus on advancing the initiative and gaining private sector support, the US-UAE Business Council said in a statement on Wednesday.
Heads of government from the Middle East during US President Joe Biden’s visit to the Middle East in July 2022 I2U2 Group Virtual Meeting For the first time, the focus will be on joint investments and initiatives in energy, food security, health, space, transportation and water. They announced several investments after the meeting, including a $2 billion UAE investment to develop an integrated food park in India.
The I2U2 group held First Business Forum Held in Abu Dhabi in February, politicians and the private sector come together to discuss partnerships.
Wednesday’s memorandum aims to deepen technology and private sector cooperation between the four countries. The countries agreed to host a series of events with key government officials in India, Israel, the UAE and the US to draw attention to the I2U2 initiative and raise awareness of its potential among the business communities of the four countries.
According to the memorandum, countries will also establish virtual working group meetings of key businesses in these six focus areas of the initiative. The countries also agreed to publish a series of studies and white papers on the potential of I2U2 written by leading think tanks, academics and thought leaders from the US, UAE, India and Israel.
The agreement will also create a series of video interviews about the I2U2 initiative, which can be co-shared on their platform.
Faizal Kottikollan, chairman of the UAE-India Business Council, said in a statement that the group was “committed to rallying support” among its members for the new business alliance.
Dorian Barak, Chairman of the UAE-Israel Business Council, added: “We are delighted to be part of this important and far-reaching initiative, which will connect the business community and promote the US, UAE, India and Israel. Business is the strongest foundation for successful I2U2 engagement , it is becoming an important pillar of regional economic integration.”
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