With increasing economic ties with India, the UAE has committed $75 billion towards infrastructure development in the country, the commerce ministry said today.
It also said that the UAE is India's third largest trading partner.
"The UAE has invested over USD 5.3 billion in India and infrastructure is one of the top five focus sections of UAE-India bilateral trade. The UAE has committed USD 75 billion towards infrastructure development in India," the ministry said in a statement.
Further it said that Invest India and the UAE Minister for Artificial Intelligence (AI) signed an agreement for India-UAE Artificial Intelligence Bridge here today.
"This partnership will generate an estimated USD 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," it said.
It added that by 2035, AI can potentially add USD 957 billion to the Indian economy.