ACD top official emphasises on significance of AI in driving innovation

The Secretary-General of the Asia Co-operation Dialogue (ACD) ambassador Nasser Thamer al-Mutairi stressed that artificial intelligence (AI) has become essential for commercial operations worldwide and for enhancing efficiency and innovation, as well as being a key factor in changing industry and sectors in general — large and small — and its integration has become a must for any company that wants to maintain its competitiveness.

In his speech during the inauguration of the 2nd ACD Business Forum, the secretary-general added that the spread of the Covid-19 pandemic, despite the challenges it posed, accelerated the pace of digital transformation in the world and forced companies to quickly adapt and adopt digital solutions, virtual operations, and automated services. He noted that AI technology played an important role in meeting consumer needs and facing economic challenges until it became the backbone of new business models focusing on quick-decision-based data.

Ambassador al-Mutairi affirmed his commitment to enhancing co-operation among the 35 member states and promoting economic development and technological advancement. He noted that this forum is a valuable platform for exchanging information and investment opportunities, in addition to strengthening cross-border partnerships, especially since Asia includes more than 60% of the world’s population, and its position allows it to play a leading role in AI and technological advancement.

He pointed out that integrating AI into business requires continuous research so that we can learn from our shared experiences. He voiced his hope that the discussions of the forum will contribute to inspiring new ideas and the growth of Asian societies.

In the speech of the ministers of the ACD member states, Foreign Minister of Nepal Dr Arzu Rana Deuba said that AI has witnessed a lot of development and transformation and is no longer just a technological tool, but has become a basic driver in shaping and reshaping the global landscape, governance, and human lives, including education, health, and security. She addressed the significance of AI in light of the intense global competition, which has become a major turning point, and has entered all fields such as services and goods, through analysing customer data and preferences, and has also contributed as an analytical tool that helps businesses access markets and meet customer needs. It has also contributed to developing informed strategies based on improving resources and efficiency in manufacturing processes and opening windows for dealing between companies to maximise benefits and increase business based on real-time information to respond to dynamic markets.

Deuba discussed the challenges and risks facing developing and least developed countries in the use of AI and its impact on business and industry, its impact on employment and jobs, data privacy, ensuring its security and compliance with regulatory frameworks, in addition to its social and economic impacts, the spread of misleading and malicious information, deepfake, data manipulation, and others.

The Nepalese minister emphasised the importance of the forum to discuss the regulatory frameworks for AI and deal with this extremely important technology to help grow businesses and enhance economic growth. She called for social integration, communication between the peoples of Asia, and strengthening partnerships between Asian nations to harness the capabilities of AI.