Government of India’s official investment promotion agency 'Invest India' and the UAE Minister for Artificial Intelligence (AI) have signed a bilateral Artificial Intelligence (AI) Bridge agreement that seeks to create economic benefits worth $20 billion during the next decade.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, and Deepak Bagla, managing director and CEO of Invest India, have signed a memorandum of understanding (MoU) - UAE Artificial Intelligence Bridge on Friday in New Delhi. This partnership will generate an estimated $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 $957 billion to the Indian economy.

The MoU was signed in the presence of Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and H.E. Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial Attache, UAE Embassy at the India leg of GovHack series of World Government Summit. The Minister appreciated the effort made by UAE on leading the initiative to change the government and governance through technology and reiterated India’s commitment with UAE in the field of AI.

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.

India and UAE 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.

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The UAE has invested over $5.3 billion in India and infrastructure is one of the top 5 focus sections of UAE-India bilateral trade. The UAE has committed $75 billion towards infrastructure development in India. The Government of India is launching multiple initiatives to create an environment for digital growth through which the potential of AI can be realized in the areas of agriculture supply, healthcare and disaster management services.

In the same week, 'Invest India' has also inked an MoU with 'Business France', a French government agency, to promote investment facilitation and cooperation between start-ups of the two countries.

Since beginning of this year, Indian agencies are proactively working in AI segment by indulging in setting up task force, making reports and inking pacts to inculcate AI into India's each and every minuscule sector from Agriculture to Defense.

In May, government of India's policy think, NITI Aayog, partnered with IBM to develop a crop yield prediction model using artificial intelligence to provide real time advisory to farmers in backward states of India. In the same month, NITI Aayog also joined hands with Google to foster AI and Machine Learning ecosystem in India.

In February, India joined hands with Japan to launch robotics and artificial intelligence in the defense segment.

Source - PIB Delhi

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