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The United Arab Emirates will invest USD 2 billion to develop a series of integrated food parks across India under the framework of the four-nation grouping 'I2U2'. The decision was announced after the leaders of the grouping -- Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan -- held the first virtual summit.

A joint statement said the I2U2 leaders' meeting focused on food security crisis and clean energy and that they discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems.

The grouping is known as 'I2U2' with "I" standing for India and Israel and "U" for the US and the UAE.

On the project relating to food parks, the statement said India will provide appropriate land.

"India will provide appropriate land for the project and will facilitate farmers' integration into the food parks. The US 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 I2U2 said.

It said the investments will help maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.

The statement also said the I2U2 group will advance hybrid renewable energy project in Gujarat consisting of 300 megawatts of wind and solar capacity.

The leaders also expressed determination to leverage well-established markets to build more innovative, inclusive, and science-based solutions to enhance food security.

The statement said the I2U2 aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world.

The I2U2 grouping was conceptualised during the meeting of the foreign ministers of the four countries held on October 18 last year.

India's bilateral strategic ties with each of the three countries have been on an upswing in the last few years.