Prime Minister Narendra Modi is set to participate in the first Leaders' Summit of I2U2 virtually, along with leaders of Israel, the United Arab Emirates and the United States on Thursday.
The proposed virtual summit of India, Israel, UAE, and the USA dubbed "I2U2" is being projected as the Quad for West Asia. I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.
"Prime Minister Narendra Modi will be participating in an I2U2 Summit, along with Prime Minister of Israel Yair Lapid, President of the UAE Mohammed bin Zayed Al Nahyan and President of the USA Joseph R Biden," the Ministry of External Affairs (MEA) said in a statement on Tuesday.
The I2U2 Grouping was conceptualized 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 MEA said.
It intends to mobilize private sector capital and expertise to help modernize the infrastructure, low carbon development pathways for our industries, improve public health, and promote the development of critical emerging and green technologies.
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.
According to MEA, these projects can serve as a model for economic cooperation and offer opportunities for our businesspersons and workers.
US President Joe Biden will convene the maiden Virtual Summit with Prime Ministers of India, Israel and the President of UAE during his upcoming visit next month to the Middle East.
According to the White House, the meeting of I2U2 was a part of the Biden administration's effort to revitalize American partnerships across the world. I2U2 leaders would discuss the food security crisis in the wake of the Ukraine war and other areas of cooperation.
( With inputs from ANI )
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