On the sidelines of the UN General Assembly (UNGA), India, Israel, the United States, and the United Arab Emirates (UAE) launched a uniquely structured I2U2 business coalition, also known as a private enterprise partnership.

Separately, Washington, DC, Tel Aviv, Delhi, and Abu Dhabi launched an official I2U2 website, inviting project proposals in seven domains — water, climate/energy, transportation, space, health, food security, and technology — preferably centred in West Asia, Africa, South Asia, and the United States.

The I2U2's push to involve the private sector, with the US leading the way, is seen as yet another step to deepen economic integration between South Asia and West Asia.

Dammu Ravi, secretary (economic relations) in the Ministry of External Affairs, Ronen Levi, director general of Israel's Ministry of Foreign Affairs, Ahmed Ali El Sayegh, UAE minister of state for foreign affairs, and Jose Fernandez, US undersecretary of state for economic growth, energy, and the environment, are the group's four official leaders.

According to those familiar with the discussions leading up to the announcement, the foundation for the I2U2 initiative is being laid. "Remember this initiative is new," said an official from one of the four countries who did not want to be identified. Governments have now developed habits of cooperating with one another. However, we all recognise the importance of involving and unleashing the private sector for specific initiatives. This is an open invitation to private players, large and small, to come and participate in an exciting future at a time of tremendous economic dynamism and potential in the region, as well as growing geopolitical convergence."