Major push for I2U2 grouping with pacts between Business Councils and website launch
By India Strategic Staff Reporter
NEW DELHI, September 22. Over two years after the formation of the I2U2 (India, United Arab Emirates, Israel and the United States of America), the nascent grouping launched a business coalition among each other with the objective of promoting public-private partnership among the countries.
The structure of this partnership is different as United Arab Emirates Business Council signed a Memorandum of Understanding (UAE) with its counterparts from other three countries separately. The governments of these countries are not officially associated with the initiative but have approved the move.
The Indian delegation was led by Secretary (Economic Relations) Dammu Ravi, Director General of Israel Ministry of Foreign Affairs, Ronen Levi, Minister of State of Foreign Affairs of UAE, Ahmed Ali El Sayegh and Under Secretary of State for Economic Growth, Energy and Environment, Jose Fernandez. The event was held on Thursday and separately the four countries launched the I2U2 website https://www.state.gov/I2U2/
The development came weeks after a major initiative of India-Middle East-Europe Economic Corridor, announced during the New Delhi G-20 Summit earlier in September. The aim of associating private sector with the firm backing of the United States is a move to work towards greater economic integration both in South and West Asaa.
“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”, a statement issued by the United States Department of State said.
The MoU envisages the3 I2U2 Private Enterprise Partnership is intended to be a collaboration between Department of State and the I2U2 Business Council. All initiatives, events, and studies deriving from the Partnership should be arrived at via consensus between the Participants.
It said any speakers, participants in the working groups, white paper topics, interviews conducted, and advertisements that fall under the I2U2 Private Enterprise Partnership should be vetted by DOS before final approval. There would be no expectation of committing any funds of the US Government to the I2U2 Private Enterprise Partnership. The funds should be provided via the I2U2 BC for the duration of the Partnership.
India and Israel, have identified projects in two categories, with Tier 1 set to receive support and encouragement from the four countries while in Tier 2, projects will include those which have the potential and may not have met all the parameters, or may be in an early stage of development, or awaiting financing, or in the process of completing a feasibility study.
