Author: Jagdish Kumar, India
In a view to jointly develop in the field of Blockchain, artificial intelligence, analytics and data processing, India has signed a memorandum of understanding (MoU) with the United Arab Emirates (UAE).
The MoU was signed between Invest India CEO & MD Deepak Bagla and UAE Minister of artificial intelligence (AI) Omar Bin Sultan Al Obama in New Delhi recently.
“This partnership will generate an estimated $20 billion in economic benefits during the next decade for both countries,” the joint statement said.
“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,” the statement added.
Both the countries also emphasised that by 2035 AI can potentially add $957 billion to the Indian economy.
It was also noted that both countries decided to increase usage of Blockchain technology for streamlining supply chains and expediting the movement of trade.
According to recently launched ‘UAE Blockchain Strategy 2021’ in April 2018 estimates that adopting new technologies could save industries $3 billion every year, as well as 25 million work hours.
With this contract, UAE intends to become a world leader in this technological field.
Dubai is also hoping to become the world’s first Blockchain government, with all its bureaucracy under the control of the technology by 2020.
Apart from this, 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.
Indian government is also 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, the statement added.
Image credit: NRIcafe.com