September 22, 2023
2 mins read

India, US, UAE, Israel launch I2U2 Private Enterprise Partnership

I2U2 gets its unique acronym from the four countries, India, Israel, the United States and the United Arab Emirates, that came together in a virtual summit last year form the partnership…reports Arul Louis

India and its I2U2 partners have launched an initiative to mobilise private sector capital and expertise to increase their potential in key areas of development.

The US on Thursday signed a memorandum of understanding with business councils from the group to set up the I2U2 Private Enterprise Partnership (PEP).

I2U2 gets its unique acronym from the four countries, India, Israel, the United States and the United Arab Emirates, that came together in a virtual summit last year form the partnership.

Jose W Fernandez, the US Under Secretary of State for Economic Growth signed the MoU with the US-UAE Business Council, the UAE-India Business Council, and the UAE-Israel Business Council on the sidelines of the UN General Assembly meeting and the group is to be known as the I2U2 Business Council (BC).

Dammu Ravi, External Affairs Ministry’s Secretary in charge of economic relations, participated in the signing ceremony with officials from the partners.

He said in a video message: “This will help to synergise the potential of all the four members for the collective prosperity of the region.”

A State Department statement said: “This new public-private partnership will work to increase awareness of the I2U2 initiative in business communities and support projects and other efforts that further the goals of the initiative.”

Outlining the initiative, the MoU said that their goal is to draw “greater awareness to the potential of the I2U2 Initiative, particularly in the seven key sectors of focus, namely water, energy, transportation, technology, space, health, and food security”.

It will mobilise “the private sectors within the I2U2 countries to identify, explore, and participate in specific projects that further the goals of this initiative”, it added.

The MoU said the I2U2 BC will work with the State Department to hold events with governments in the four countries, convene a series of working group meetings with businesses, and publish papers by think tanks and scholars from their countries.

ALSO READ-Lanka Thanks India for Continued Support During Economic Crisis

Previous Story

India reaches out to US, UK, Aus over spat

Next Story

GenAI to generate $2.6-$4.4 trillion annually

Latest from -Top News

UK unites for Yoga Day

Celebrations held across iconic landmarks and campuses under theme ‘One Earth, One Health’ The Indian diaspora and local communities across the United Kingdom gathered in large numbers on Friday to mark the

Kenya’s Odinga Slams Adani Deal U-Turn

Before the cancellation of the deal, Odinga was among the leaders who defended the Adani Group….reports Asian Lite News Kenya’s former Prime Minister Raila Odinga on Friday expressed disappointment over the cancellation

Hindus in Peril in Bangladesh

The rights group submitted new evidence to the ICC, accusing Muhammad Yunus’s interim government of top-level complicity….reports Asian Lite News The Human Rights Congress for Bangladesh Minorities (HRCBM) on Friday condemned a

India Takes Yoga to the World

Ahead of June 21, yoga events are being held worldwide, promoting health, harmony, and well-being for the 11th IDY…reports Asian Lite News Marking a global celebration of India’s cultural heritage, the Indian
Go toTop

Don't Miss

India, UK to start FTA talks in new year

The India-UK FTA marks a significant goal for the Johnson-led

Pakistan Officials Signal Trade Restart with India

Pakistan Foreign Office spokesperson Mumtaz Zahra Baloch confirmed that the