India inks Memorandum of Understanding with the UAE on Artificial Intelligence
Invest India and the UAE Minister for Artificial Intelligence (AI) inked a Memorandum of Understanding (MoU) for India - UAE Artificial Intelligence Bridge in the country’s capital, New Delhi.
In a press statement released by the Ministry of Commerce and Industry, the partnership is expected to generate an around USD $20 billion in economic benefits during the next decade for both the countries. The MoU will bolster development across areas like Blockchain, Artificial Intelligence and Analytics as data and processing will increase innovation, encourage business growth and serve as the backbone of more effective and efficient service delivery systems. By 2035 Artificial Intelligence has the potential to add USD $957 billion to the Indian economy.
The MoU was signed by Mr Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, and Mr Deepak Bagla, Managing Director and CEO of Invest India. The Minister of Commerce & Industry and Civil Aviation, Mr Suresh Prabhu and Mr H.E. Ahmad Sultan Al Falahi, the Minister Plenipotentiary – Commercial Attaché were present at the signing.
Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India. It is a non-profit venture established by the Department of Industrial Policy and Promotion, under the Ministry of Commerce and Industries, Government of India.
According to their official website, Invest India is transforming the country’s investment climate by simplifying the business environment for its investors. Its experts, specialising across different countries, Indian states and sectors, handhold investors through their investment lifecycle ⎯ from pre-investment to after-care.
To benefit from advancements in technological innovation, the release said that the UAE-India collaboration plans to assemble a UAE-India Working Group (TWG). The TWG is between the UAE Ministry for Artificial Intelligence, Invest India and Startup India- Indian Prime Minister Narendra Modi’s initiative to create a platform for start-up enterprises to be recognised and funded.
The TWG is set to meet once a year with the mandate to increase investment in Artificial Intelligence start-ups and research activities in collaboration with the private sector.
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE said, “Artificial Intelligence will lead human development in the coming years. The UAE and India will be at the forefront of the change to come."
Apart from business, the release said that India and UAE have other ties- Indians make-up the largest expat community in the UAE at 27% and the UAE is India’s third largest trading partner.
Mr Deepak Bangla said, “AI is going to play a critical role in our lives and this partnership will provide solutions not only for the citizens of India and the UAE but for the entire world.”
He added, “India is the world’s fastest expanding market opportunity, with its talent pool of human capital, well acknowledged for innovation, while the UAE is a hub of cutting-edge technologies this makes them natural partners in the field of AI."
The release said that the UAE has invested over USD $5.3 billion in India and infrastructure is one of the top 5 focus sections of UAE-India bilateral trade. The UAE has committed USD $75 billion towards infrastructure development in India.
The Government of India is launching multiple initiatives to create an environment for digital growth through the implementation of Artificial Intelligence where its potential can be realised in the areas of agriculture supply, health care, and disaster management services.
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