Invest India and the UAE Minister for Artificial Intelligence (AI) signed a Memorandum of Understanding (MoU) for India – UAE Artificial Intelligence Bridge in New Delhi. 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 H.E. Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial Attache, UAE Embassy at the India leg of GovHack series of World Government Summit.
The UAE has signed a partnership with India to develop artificial intelligence (AI) with plans to generate an $20bn in economic benefits during the next decade. The Memorandum of Understanding (MoU) for the India – UAE Artificial Intelligence Bridge will "spur discussion and explore options for both countries to grow their AI economies", a statement said. AI is expected to maximise the efficiency and delivery of government services while also boosting the effectiveness of the private sector. The UAE-India collaboration will seek to evaluate the dynamic nature of AI by convening a joint working committee between the UAE Ministry for Artificial Intelligence, Invest India and Startup India. The committee will meet once a year with the mandate to increase investment in AI startups and research activities in partnership with the private sector.
Omar bin Sultan Al Olama, the UAE's minister of state for Artificial Intelligence, and Deepak Bagla, the managing director and CEO of Invest India, signed a Memorandum of Understanding (MoU) to create a bilateral Artificial Intelligence Bridge that envisages the generation of $20 billion in economic benefits during the next decade. WAM said that the AI Bridge aims to spur discussion and explore options for the UAE and India to grow their Artificial Intelligence economies, according to an announcement after the signing ceremony by Invest India, the national investment promotion ad facilitation agency of the Indian government. The UAE Minister said that in the coming years, "how a country chooses to embrace Artificial Intelligence will have a tremendous impact on its ability to innovate and prosper. Data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery system." The designated Indian signatory said his country, which is "the world's fastest expanding market opportunity with its talent pool of human capital, well-acknowledged for innovation – and the UAE, a hub of cutting edge technologies – are natural partners in the field of Artificial Intelligence."
The UAE and India have signed a bilateral Artificial Intelligence 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, the country's investment promotion agency, on Saturday signed a memorandum of understanding. According to state news agency WAM, the agreement aims to spur discussion and explore options for the UAE and India to grow their artificial intelligence (AI) economies. The UAE Minister said: "How a country chooses to embrace artificial intelligence will have a tremendous impact on its ability to innovate and prosper. Data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery system."
NEW DELHI – Japanese companies are looking to tap India's medical market with funding and technological solutions to make health care more accessible in the world's second-most populous country. Japan-based venture capital firms like Spiral Ventures and India Japan Partnership Fund LLP are either funding local health tech startups or exploring new investment opportunities in the health care sector, and electronics giant Panasonic Corp. is offering solutions to improve rural health care. India has a huge health care gap between rich and poor and mismatches between doctors and patients. The situation is made worse by low government spending on health care at 1.3 percent of gross domestic product, the lowest among the BRICS grouping of Brazil, Russia, India, China and South Africa. Spiral Ventures has invested in four health tech startups that offer digital solutions for the local market and is scouting for more such startups in which to invest, according to a top company official.