By India News Stream staff
July 27, 2018
New Delhi: Invest India and the UAE Minister for Artificial Intelligence (AI) signed a Memorandum of Understanding (MoU) for India – UAE Artificial Intelligence Bridge here on Friday.
This partnership will generate an estimated USD 20 billion in economic benefits during the next decade for both countries. The MoU will spur development across areas like Blockchain, AI and Analytics as data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery systems. By 2035 AI can potentially add USD 957 billion to the Indian economy.
The MoU was signed in the presence of Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial Attache, UAE Embassy at the India leg of GovHack series of World Government Summit
The UAE-India collaboration will seek to evaluate the dynamic nature of innovation and technology by convening a UAE-India AI Working Group (TWG) between the UAE Ministry for Artificial Intelligence, Invest India and Startup India. The TWG will meet once a year with the mandate to increase investment in AI startups and research activities in partnership with the private sector.
The two countries share a bond that extends beyond business as Indians make-up the largest expat community in the UAE at 27% and the UAE is India’s third largest trading partner.
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.