UAE’s promised $2-billion investments in food parks yet to materialise.

The UAE, which promised $2-billion investments in food parks in India, at the four nation I2U2 (India-Israel-UAE-USA) Summit held virtually in July 2022, is yet to deliver on its commitment more than a year later as it continues to raise policy concerns, sources have said.
“There have been several meetings between the two sides to sort out concerns, such as those related to the Essential Commodities Act. But UAE representatives, including top officials from investment body ADQ, just go round and round in circles with their queries and haven’t given any indications of when they would make the investments. They need to show more urgency,” a source tracking the matter told businessline.
At the I2U2 Summit last year, virtually attended by Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister (former) Yair Lapid and UAE President Sheikh Mohamed bin Zayed Al Nahyan, the UAE announced that it will invest $2 billion to develop a series of integrated food parks across India as part of an initiative to enhance food security in the Middle East and South Asia.
“(These food parks).. would incorporate state-of-the-art climate-smart technologies to reduce food waste and spoilage, conserve fresh water, and employ renewable energy sources,” per the joint statement issued after the summit by the leaders. This was in line with the focus of the meeting on food security crisis and clean energy.
HBL