New Delhi: I2U2 group countries have agreed to increase joint investment in six important areas of water, energy, transport, space, health and food security, Prime Minister Narendra Modi said on Thursday and noted that the agenda of the group is progressive and practical.

He said from this very first summit, I2U2 has established a positive agenda and the four countries have identified joint projects in various sectors and prepared a roadmap to go ahead.

"Our cooperative framework is also a good model for practical cooperation in the face of increasing global uncertainties. Under the I2U2 framework, we've agreed on increasing the joint investment in six important areas of water, energy, transport, space, health and food security," PM Modi said in his opening remarks at the first I2U2 Leaders Meeting in a virtual mode.

"By mobilising our mutual strength, capital, expertise and markets, we can speed up our agenda and make important contributions to the global economy," he said.

PM Modi expressed confidence that the I2U2 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," he said.

The summit of India, Israel, UAE, and the USA - I2U2- is being seen as Quad for West Asia.

The I2U2 grouping was conceptualized 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.

It intends to mobilize private sector capital and expertise to help modernize infrastructure, low carbon development pathways for 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 the respective regions and beyond.