The UAE has offered $2 billion to assist create a series of “food parks” in India to combat food insecurity in South Asia and the Middle East, according to a joint statement issued on Thursday.
Speaking at a virtual summit with UAE, Israeli, and Indian officials in Jerusalem, US President Joe Biden said that the investment may “increase India’s food yields in the region three-fold in just five years”
The parks would bring together farmers, processors, and merchants to use modern climate technology to reduce waste, preserve water, and increase agricultural yields, first focused on products such as potatoes, rice, and onions.
The four nations also said that they will develop renewable energy projects in India, including wind and solar energy facilities.
The initiatives will be sponsored by the Israeli and US private sectors, Biden said at a meeting on food security and renewable energy, amid concerns over global food shortages caused by the Ukraine conflict.
Russia and Ukraine are the world’s third and fourth biggest grain exporters, respectively, and Russia is also a major petroleum and fertilizer exporter.
The battle has delayed their exports, driven global food prices to record highs, and sparked demonstrations in underdeveloped nations already dealing with high food costs owing to COVID-related supply chain problems.