On 21 September 2023, members of the I2U2 Group – comprising India, the United States, Israel, and the UAE – signed a memorandum of understanding with business councils from the group to set up the I2U2 Private Enterprise Partnership (PEP). This private enterprise partnership will raise awareness about its mission within business communities and support projects aligned with its objectives. The consortium also launched its official website to strengthen collaboration among member nations and foster global partnerships.
The announcement of the launch took place during the I2U2 Sherpas meeting in New York, coinciding with the 78th session of the United Nations General Assembly. The revelation was made by key representatives, including Mr. Dammu Ravi from India's Ministry of External Affairs, Mr. Ronen Levi from Israel's Ministry of Foreign Affairs, Mr. Ahmed Ali Al Sayegh from the UAE's Ministry of Foreign Affairs, and Mr. Jose W. Fernandez from the US Department of State.
The public-private partnership aims to heighten awareness of the I2U2 Initiative, particularly in seven critical sectors: water, energy, transportation, technology, space, health, and food security, as outlined in the memorandum of understanding. Additionally, the partnership seeks to mobilise the private sectors in the I2U2 countries to identify, explore, and participate in specific projects that advance the initiative's goals.
The memorandum of understanding that the countries signed suggested that the I2U2 Business Council will work with the State Department to hold events with the four countries' governments, initiate a series of working group meetings with businesses of the countries, and publish papers by scholars and think tanks from these nations.
As stated in a press release by the US Department of State, this new collaboration actively worked to promote awareness of the I2U2 initiative within business communities and actively supported projects and initiatives that aligned with the initiative's objectives.
Established in 2022, the I2U2 Group's mission is to identify viable projects and initiatives to address global challenges, with a specific emphasis on joint investments and new ventures in water, energy, transportation, space, health, food security, and technology, as detailed on the newly launched website.
