UAE announces $2bln investment in hi-tech Indian ‘food parks’ to ease shortages

UAE announces $2bln investment in hi-tech Indian ‘food parks’ to ease shortages

JERUSALEM - 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.

Speaking in Jerusalem at a virtual summit with UAE, Israeli and Indian leaders, U.S. President Joe Biden said the investment could "increase India’s food yields in the region three-fold in just five years".

The parks would bring farmers, processors and retailers together using advanced climate technology to minimise waste, conserve water and maximise crop yields.

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

The projects would be supported by Israeli and U.S. private sectors, Biden said at the summit on food security and clean energy amid fears of global food shortages caused by the war in Ukraine.

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 war 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.

Economic fallout from the pandemic, climate change, food insecurity