India and the UAE signed a Memorandum of Understanding (MoU) for the India-UAE Artificial Intelligence Bridge in New Delhi. A statement from the Ministry of Commerce & Industry states that this partnership will generate an estimated $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. They will also serve as the backbone of more effective and efficient service delivery systems.
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. 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.
India and UAE share a bond that extends beyond business as Indians make-up the largest expat community in the UAE at 27 percent and the UAE is India’s third-largest trading partner.