New Delhi: While addressing the first I2U2 leaders' summit virtually, Prime Minister Narendra Modi said that the framework has set a positive agenda and is a good model for practical cooperation in the face of increasing global uncertainties.

Modi highlighted that the West Asia Quad grouping will "make a significant contribution toward energy security, food security and economic growth globally."

"From this very first summit, I2U2 has established a positive agenda. We have identified joint projects in various sectors and prepared a roadmap to go ahead," Modi said.

"Our cooperative framework is also a good model for practical cooperation in the face of increasing global uncertainties," he added.

In his remarks at the meeting, Modi said that "under the I2U2 framework, we've agreed on increasing the joint investment in 6 important areas of water, energy, transport, space, health & food security."

Modi termed the vision and agenda of I2U2 as "progressive and practical."

The virtual summit of India, Israel, UAE, and the USA dubbed "I2U2" is being projected as the Quad for West Asia. I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.

The I2U2 grouping was conceptualised during the meeting of the Foreign Ministers of the four countries held on October 18 last year. "Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation," the MEA said.

It intends to mobilise private sector capital and expertise to help modernise the infrastructure, and low carbon development pathways for our industries, improve public health and promote the development of critical emerging and green technologies.

The leaders will discuss the possible joint projects within the framework of I2U2 as well as the other common areas of mutual interest to strengthen the economic partnership in trade and investment in respective regions and beyond.