An agreement establishing the India-UAE Artificial Intelligence Bridge was signed in New Delhi on Saturday.
The Bridge aims to encourage discussion and explore options for both countries to grow their artificial intelligence economies.
The partnership that was signed by Omar Al Olama, Minister of State for Artificial Intelligence, on behalf of the UAE and Deepak Bagla, managing director and chief executive of Invest India, is expected to generate an estimated $20 billion (Dh73.5bn) in economic benefits over the next 10 years, reported state news agency Wam.
“Artificial Intelligence will lead human development in the coming years. The UAE and India will be at the forefront of the change to come,” said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
Indian Prime Minister Narendra Modi said human objectives and intentions will determine AI’s progress and has previously highlighted the need to develop AI-based solutions in India and for India.
A UAE-India AI Working Committee, that includes the UAE Ministry for Artificial Intelligence, Invest India and Start Up India, will meet once a year with the mandate to increase investment in AI start-ups and research activities in partnership with the private sector.
“How a country chooses to embrace artificial intelligence will have a tremendous impact on a country’s ability to innovate and prosper. In the coming years, 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,” said Mr Al Olama.