The United Arab Emirates 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, the United Arab Emirates 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."
Bagla added: "Artificial intelligence is going to play a critical role in our lives and this partnership will provide solutions not only for the citizens of India and the UAE, but for the entire world."
The collaboration will focus on open bilateral engagement through a joint working group, WAM said, adding that there is potential to work together with governments, technology start-ups, academia and industry associations to understand how technology is evolving and how its adoption can be accelerated.