July 27, 2018
The agreement will spur development across areas such as Blockchain, AI and Analytics as data and processing will be a catalyst for innovation, business growth and efficient service delivery
Under Digital India, the Government is creating an environment for digital growth through which AI can be employed agriculture, healthcare, logistics, transportation, and disaster management
Indians make-up the largest expat community in the Gulf nation at 27 per cent; The UAE is also India’s third largest trading partner with total trade recorded at US$50 billion during 2017-18
By 2035, AI is expected to add US$957 billion to the Indian economy; Currently there are more than 200 AI-focussed startups across India that are catering to a wide section of industries
Invest India, an investment promotion platform of the Indian Ministry of Commerce and Industries, and the UAE Ministry for Artificial Intelligence (AI) entered into a preliminary agreement on July 27 for India-UAE Artificial Intelligence Bridge. This partnership will generate an estimated US$20 billion in economic benefits over the next decade for both the nations. The agreement will spur development across areas such as 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. In fact, by 2035, AI is expected to add US$957 billion to the Indian economy.
The agreement was signed during 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, a Government initiative to boost technology-focused entrepreneurs and business initiatives. 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. Currently there are more than 200 AI-focussed startups across India that are catering to a wide section of industries.
Under the gamut of Digital India, Government of India is launching multiple initiatives to create an environment for digital growth through which the potential of AI can be realized in areas of agriculture, healthcare, logistics, transportation, and disaster management services. India and the UAE share a partnership that extends beyond business as Indians make-up the largest expat community in the Gulf nation at 27 per cent. Meanwhile, the UAE is also India’s third largest trading partner. The UAE has invested over US$5.3 billion in India and infrastructure has been one of the top five focus sections of UAE-India bilateral commerce, attracting investment of around US$75 billion.
Over the past decades, India has helped with capacity building in infrastructure projects in the UAE. In line with this, a preliminary agreement was recently signed between the Indian Ministry of Railways and the Federal Transport Authority-Land and Maritime of the UAE on technical cooperation in the rail sector. The agreement covers cooperation in the areas of: (1) Regulation, safety and technical investigation of accidents; (2) Station redevelopment; (3) Locomotives, coaches and wagons. Meanwhile, discussion was also held with the Federal Transport Authority and Ethihad Rail regarding the ongoing railway projects of the UAE and the possibility of association of Indian companies in these projects.