Artificial Intelligence Key to Future India-UK Trade, Says Indian Cabinet Minister

Investors have been urged to support a new state of the art artificial intelligence park which is being built in Maharashtra, India.

Image Credit: India-UK AI summit

Speaking at the UK-India trade summit yesterday in central London, Uday Samant, Minister of Industries of Maharashtra, called on British business leaders to support the new development, as part of a wider collaboration between the two countries.

Addressing delegates at the AI conference he said, “The AI Park will be a dedicated hub designed to facilitate research, development, collaboration, and entrepreneurship in the field of artificial intelligence (AI). It will serve as a dynamic ecosystem where start-ups, technology companies, researchers, and academia can come together to harness the potential of AI technologies.”

The new part will aim to promote innovation by providing a conducive environment for research and development activities in AI. It will serve as a platform for ideation, experimentation, and the creation of cutting-edge AI solutions. It also offers resources, infrastructure, mentorship, and access to funding to support the growth of AI-driven start-ups.

It will also provide support around skills development, opportunities for industry collaboration and job creation between the two nations.

Mr Samant continued, “The government provides state-of-the-art infrastructure within the AI Park, including office spaces, research facilities, and laboratories equipped with the latest AI technology. This minimizes initial setup costs for companies.”

He also announced that Maharashtra will offer financial incentives to British AI and technology companies looking to invest. These incentives may include reduced corporate taxes, customs duty exemptions, and rebates on capital investments.

Source: India-UK AI summit

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