India has signed a Memorandum of Understanding (MoU) with the UAE to research artificial intelligence in a deal that could generate US$ 20 billion over the next 10 years.
Deepak Bagla, MD and CEO of Invest India, and Omar Bin Sultan Al Obama, UAE Minister of AI in New Delhi signed the MoU on July 27, 2018.
A joint statement from the countries stated: “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.”
MoU signing between H.E. Omar Bin Sultan Al Olama, Minister of AI, UAE and @DeepakBagla_ , MD and CEO, Invest India for mutual cooperation across developing areas like Blockchain, AI and Analytics to improve overall governance through convergence @CimGOI @DIPPGOI #NewIndia pic.twitter.com/ncTegqWeDl
— Invest India (@investindia) July 27, 2018
Both countries are increasingly using blockchain to streamline supply chains and expedite the movement of trade.
Read more about blockchain's impact on the maritime industry by reading a Port Technology technical paper
The UAE has estimated that adopting new technologies could save industries $3 billion every year, as well as 25 million work hours, and launched the ‘UAE Blockchain Strategy 2021’ in April 2018 with the goal of becoming a world leader in this technological field.
Dubai is hoping to become the world’s first blockchain government, with all its bureaucracy under the control of the technology by 2020.
The statement continues: “The UAE has invested over USD 5.3 billion in India and infrastructure is one of the top 5 focus sections of UAE-India bilateral trade.
“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.”