The UIBC-UC, the UAE-Israel Business Council, and the U.S.-U.A.E. Business Council officially entered into a memorandum of understanding (MOU) on 20 April 2023 to advance the I2U2 Initiative and garner private sector backing for this novel economic collaboration among India, Israel, the UAE, and the United States.
Established by the governments of India, Israel, the UAE, and the U.S. in July 2022, the I2U2 group aims to address significant global challenges by leveraging the robust economies of its member countries. A Joint Statement from the leaders of these nations expressed the group's specific focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security. Earlier, on 22 February 2023 I2U2 conducted its inaugural Business Forum in Abu Dhabi, where government officials and private sector representatives from the four countries explored tangible and sustainable cooperation opportunities. During the forum, India formally joined the Agriculture Innovation Mission for Climate initiative (AIM for Climate).
The MOU signifies an agreement among the councils to collaborate under the framework of the "I2U2 Business Coalition." The objective is to deepen technological and private sector collaboration in the region, address transnational challenges, and unite private sector stakeholders to promote increased business opportunities within the initiative's six key sectors.
The collaborative efforts outlined in the MOU involve the organisation of events across India, Israel, the UAE, and the U.S. to engage government officials and enhance awareness of the I2U2 initiative within each country's business community. Additionally, virtual working group meetings will be conducted in key sectors, specifically focusing on food security, energy, water, space, transport, health, and technology. The collaboration will extend to the publication of studies and white papers by prominent American, Emirati, Indian, and Israeli think tanks, scholars, and thought leaders, aiming to underscore the potential of the I2U2 initiative. Furthermore, joint efforts will involve the creation of video interviews about the I2U2 initiative for sharing on their respective platforms.
The MOU was disclosed in Washington, D.C. on 19 April 2023, with Under Secretary of State Jose Fernandez, the U.S. government champion for I2U2, leading the event. The Indian Deputy Chief of Mission to the United States, Her Excellency Sripriya Ranganathan, the Israeli Deputy Chief of Mission to the United States, Mr. Eliav Benjamin, and the U.A.E. Ambassador to the United States, His Excellency Yousef Al Otaiba, were present.
Faizal Kottikollan, Chairman of UIBC-UC, emphasised the potential for quadrilateral cooperation and expressed commitment to supporting the initiative through the MOU signing. Dorian Barak, President of the UAE-Israel Business Council, highlighted the significance of the I2U2 Business Coalition in promoting stronger cooperation between the governments of the USA, U.A.E., India, and Israel. Danny Sebright, President of the U.S.-U.A.E. Business Council, expressed gratitude for the endorsement of Under Secretary Fernandez and the governments involved, emphasising the unique partnership's value to the business community in all four countries.
