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The private sector, government, and academia would have to come together and work on Artificial intelligence (AI) as it will help promote economic growth in many countries including India, Invest India Managing Director and CEO Nivruti Rai said on Wednesday.

The chief of the trade and investment promotion agency also said that there is an opportunity cost of AI.

But one has to look at issues like safety, security and privacy-related matters of AI.

“AI is important. Many countries will see about 15% of their GDP growth…anywhere between 5-15%. I hope India will be on the higher number (side)…there is so much benefit to humanity. I really think health, education, and environment needs AI,” she said while speaking at the Global Technology Summit 2023.

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That is the opportunity cost, “so we all have to work together…the private sector, government, academia, all have to come together and build this,” she added.

However, she said that one has to ensure privacy with control and security with reliability.

Talking about Invest India, Rai said that the agency is working on the identification of both countries and companies where India can benefit.

“EV (electric vehicle) is important for India…Invest India is going to look at what are some of the strengths, weaknesses, opportunities, and threats of companies and countries against India and what can India give and take,” she said.

Citing examples, she said Saudi Arabia is “very” interested in partnering with India in the food processing sector; Australia is keen on furniture and minerals, and the US is interested in organic textiles.

“So we are working with many such companies…I am looking at who needs us…I am looking at minerals, Africa has minerals. So what is Africa’s need that we have and what we can offer,” she said.