UAE announces $2 billion investment in India ‘food parks’ to ease shortages

Announcement comes ahead of virtual summit held by US President Joe Biden with Emirati, Israeli, Indian leaders



By Reuters

Published: Thu 14 Jul 2022, 3:03 PM

Last updated: Fri 15 Jul 2022, 6:18 PM

The United Arab Emirates has pledged $2 billion to help develop a series of “food parks” in India to tackle food insecurity in South Asia and the Middle East, the UAE, India, the United States and Israel said on Thursday.

The idea is to bring farmers, processors and retailers together in one place using the latest climate technology to minimise waste, conserve water and maximise crop yields.

The four countries would also advance renewable energy projects in India, they said in a statement.

“U.S. and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project,” the statement said.

The announcement came ahead of a virtual summit held by US President Joe Biden with UAE, Israeli and Indian leaders that was set to focus on food security and clean energy amid fears of global food shortages caused by the war in Ukraine.

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Russia and Ukraine are the world’s third and fourth largest grain exporters, respectively, while Russia is also a key fuel and fertiliser exporter.

The crisis has disrupted their exports, pushed world food prices to record levels and triggered protests in developing countries already contending with elevated food prices due to Covid-related supply chain disruptions.

UN agencies warned this month that the crisis in Ukraine and climate change could push starvation and mass migration to unprecedented levels.

Food security

"India and the UAE have been natural allies when it comes to addressing food security. This is a very pressing issue, and we welcome the UAE's commitment to invest $2 billion to develop integrated food parks across India. Companies like WayCool have been at the forefront in tackling food wastage and boosting efficiency in the food supply chain. The initiative will open new avenues of partnerships amongst stakeholders in the ecosystem," said Karthik Jayaraman, co-founder and managing director of WayCool Foods & Products.

"Our technological know-how has been instrumental in not only maximizing crop yield, but also reducing food wastage by overhauling the food value chain from a supply-led one to a demand-led one. We look forward to jointly working with the I2U2 stakeholders in furthering this agenda and increasing food security while minimizing wastage across the value chain," added Jayaraman. — With staff inputs


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