Daily Times

Federation of Pakistan Chamber of Commerce and Industry’s United Business Group Chairman Shahzad Alu Malik Friday stressed the urgent need for the promotion of artificial intelligence in every sphere of life to develop a future roadmap for sustainable economic growth and help boost exports.

Talking to a delegation of industrialists and traders led by Momin Ali he said here today that artificial intelligence has the potential to add up to 16% or about $13 trillion to the global economy by the year 2030 besides additionally it could boost the global gross domestic product (GDP) by up to 26%.

He said Pakistan must prepare for a world in which AI is the norm. “But we must understand that to reap the benefits of these technologies, and not just suffer their harms, we need to build the resilience of our democracy”. He said Artificial Intelligence is a top emerging technology with applications across industries and implications for our society. It has been reshaping the global economy and national security. He said the global AI industry is thriving as in 2021, AI global funding doubled to $66.8 billion, and a record 65 AI companies reached $1B+valuations, up 442% from the previous year. Each year, more and more companies and governments worldwide adopt AI solutions he added.

Throwing light on its emerging importance, Shahzad Ali Malik Sitara-I-Imtiaz, said a fresh report presents a brief overview of top AI global hubs outside the United States and each country includes an AI ecosystem overview, government incentives & policies, education & research institutions, leading events, and industry groups. The initial markets for this report were selected based on global rankings, the highest number of AI companies concentrated there, venture capital, and related research institutions he added.

Shahzad Ali Malik said Pakistan must equip itself with the latest rapid innovations in the IT sector which he added is a pre-requisite for development in every sphere of life and meeting ever-growing future economic challenges, hovering around the region in the wake of the Russia-Ukraine conflict badly hitting the global economy.