MOU aims to deepen technological and private sector collaboration
Key government officials from India, Israel, the United Arab Emirates and the United States (I2U2) have agreed to convene a series of virtual working group meetings of businesses in sectors that are of particular focus for the I2U2 initiative – food security, energy, water, space, transport, health and technology.
These meetings will follow a series of events to be convene to draw attention to the group’s initiative and bring greater awareness to its potential for the business community in each of the four countries as well as drawing private sector partnerships.
They have also agreed to publish a series of studies and white papers by leading American, Emirati, Indian and Israeli think tanks, scholars and thought leaders about the potential for I2U2.
The officials will also create a series of video interviews about the I2U2 initiative that can be jointly shared on their platforms.
These market-oriented plans have been agreed under a Memorandum of Understanding (MoU) signed in Washington on 20 Apr 2023 by the UAE-India Business Council, the UAE-Israel Business Council, and the US-UAE Business Council.
This MOU is an agreement among the councils to broadly work together within the framework of the “I2U2 Business Coalition.”
The MOU aims to deepen technological and private sector collaboration in the region and address transnational challenges while bringing together private sector stakeholders to promote greater business opportunities within the key sectors of focus for the initiative.
The MoU promotes I2U2 Initiative and aims to garner private sector support for this new economic partnership among India, Israel, the United Arab Emirates and the United States, the US-UAE Business Council said.
The MOU was announced in Washington on 19 April at an event with Under Secretary of State Jose Fernandez, the US government champion for I2U2, and in the presence of the Indian Deputy Chief of Mission to the United States, Sripriya Ranganathan, the Israeli Deputy Chief of Mission to the United States, Eliav Benjamin, and the UAE Ambassador to the United States, Yousef Al Otaiba (see picture).
Faizal Kottikollan, Chairman of the UAE-India Business Council, spoke of the potential for quadrilateral cooperation between India, Israel, the UAE and the US.
The I2U2 grouping underlined Prime Minister Narendra Modi’s call for “a good model for practical cooperation in the face of increasing global uncertainties”, based on a steady progress in a few areas of mutual cooperation.
“We at the UAE India Business Council are committed to rally our members’ support behind this mini-lateral through today’s MoU signing, with the goal of achieving the grouping’s and the three member organizations’ shared economic interests.”
Dorian Barak, President of the UAE-Israel Business Council, elaborated, “We’re delighted to be part of this important and far-reaching initiative, which will connect the business community to promote stronger cooperation between the governments of the US, UAE, India and Israel.
“Commerce is the strongest foundation for successful I2U2 engagement, which is emerging as an important pillar of regional economic integration,” he stressed.
“It is a unique partnership of key stakeholders which will undoubtedly bring value to the business community and to our collective membership in all four countries,” said Danny Sebright, President of the US-UAE Business Council.
“We could not be more pleased to have the endorsement of Under Secretary Fernandez as well as the governments of India, Israel, and the UAE for this important new initiative.”
The four countries formed I2U2 group in July 2022 with the goal to “tackle some of the greatest challenges confronting our world” by harnessing the emerging and prosperous economies of the four member countries.
In a Joint Statement, leaders of the four countries “expressed the intention of the group to put particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security.”
I2U2 held its inaugural Business Forum in Abu Dhabi on 22 February which brought government officials and private sector representatives from the four member countries to discuss tangible and sustainable cooperation opportunities.
During this forum, India also officially joined the Agriculture Innovation Mission for Climate initiative (AIM for Climate). fiinews.com
