India and UAE sign MoU on Artificial Intelligence
The UAE Minister for Artificial Intelligence Omar bin Sultan Al Olama and Invest India’s Managing Director and CEO Deepak Bagla signed an MoU to create a bilateral ‘Artificial Intelligence Bridge’ with an aim to generate USD 20 billion in economic benefits during the next decade.
India and the United Arab Emirates (UAE) on July 28, 2018 signed a Memorandum of Understanding (MoU) to boost their respective artificial intelligence economies.
In this regard, the UAE Minister for Artificial Intelligence Omar bin Sultan Al Olama and Invest India’s Managing Director and CEO Deepak Bagla signed an MoU to create a bilateral ‘Artificial Intelligence Bridge’ with an aim to generate USD 20 billion in economic benefits during the next decade.
Setting up of a UAE-India AI Working Committee
The UAE-India collaboration will jointly set up a UAE-India AI Working Committee (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 Artificial Intelligence start-ups and research activities in partnership with the private sector.
The working committee will monitor the landscape of Artificial Intelligence to identify emerging trends and policy concerns. This will help in drawing out mutually favourable regulatory frameworks and policies.
Three main areas of collaboration between India and UAE
The collaboration will broadly focus on these three main areas:
Open Engagement: The UAE-India AI Working Committee will monitor the landscape of AI to identify emerging trends and policy concerns.
Foster Innovative Ecosystems: The MoU aims to foster innovative ecosystems through creation of an enabling environment for the stakeholders to invest in Artificial Intelligence. Initially, it will facilitate creation of AI regulatory sandboxes and the sharing of regulatory expertise to facilitate the entry of Artificial Intelligence start-ups into each other’s jurisdiction.
Once the environment is set, the tools will be made available and that will come in the form of sharing datasets to enhance development and innovation of AI startups.
Looking to the future: The partnership will enable both parties play as catalysts in the development and adoption of breakthrough technologies. It will allow stakeholders to engage and understand transformative tech.
Artificial Intelligence can be a catalyst for the creation of innovative applications. It will maximise the efficiency and delivery of government services.
The collaboration will benefit both the countries in the healthcare, education, infrastructure, transportation, climate control and oil and gas sectors.