His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Trade and Industry of the State of Qatar
Mr. Secretary-General,
Distinguished Delegates,
Ladies and Gentlemen!
First and foremost, I extend my sincere gratitude to the Government and the people of the State of Qatar for generous hospitality and a warm welcome extended to me and my delegation.
I also commend the State of Qatar for hosting the Second ACD Business Forum Meeting themed “Artificial Intelligence and New Business Models” which is timely and merits our meaningful discussions.
Mr. Chair,
Artificial Intelligence (AI) has undergone significant milestones in its transformative evolution. Today, AI is not just a technological tool, but an influential driver in shaping and reshaping global worldview, financial architecture, governance and human life including education, health and security. The importance of AI has been duly reflected in the deliberations of the UNGA-79.
In today’s complex and competitive business world, AI has become a big game changer for a number of reasons:
First, AI is a great enabler for corporate sector to tailor their products and services by analyzing customer data and preferences.
Second, AI-driven predictive analytics allow businesses to assess market trends and consumer-focused needs. This is crucial for making informed strategic decisions based on customer choices and optimization of resource, and improving operational efficiency.
Third, AI is useful for automation services that reduce operational costs and promote smart business models that increase competitiveness for innovation.
Fourth, AI has opened up a new window of opportunities for companies to maximize benefits by offering data analytics services to prospective businesses.
Fifth, AI helps foster business resilience by equipping corporate executives with real-time information to frame strategies and respond to market dynamics.
This demonstrates how AI can transform business landscape in an impactful way.
Excellencies,
On a flip side, AI has posed several risks and challenges as well.
Data privacy remains a serious concern of all, in particular ensuring data security in compliance with regulatory frameworks.
AI automation may result in significant job losses and thus demands a smooth transition to avert adverse social and economic impacts.
Likewise, increasing trends of misinformation, disinformation, deepfakes and data manipulation are equally concerning.
AI has widened digital divide between nations and has hindered sustainable development efforts of developing countries, especially the countries in special situation like Nepal. Moreover, businesses have embraced AI in an uncertain regulatory regime.
Distinguished delegates,
Despite some pitfalls, AI has a lot to offer for businesses to thrive; for national and global economy to grow; and for humanity to progress. As a rising global economic powerhouse, Asia is characterized by increasing trends of trade, tourism, investment, connectivity, financial integration and people-to-people contacts. Enhanced cooperation and partnerships among Asian nations is a must to harness AI potentials for our shared prosperity.
Dear friends,
The Government of Nepal has published AI Concept Paper and is now drafting AI policy and strategy. To succeed in the Government as a whole approach, Nepal has also drafted e-governance blueprint which includes more than 40 action items essential for digital transformation. We are preparing national data strategy which is very important for data governance and AI.
Besides, AI is being used in different verticals: agriculture, healthcare, tourism, financial services, education, etc. AI is enabling businesses to move toward platform models, connecting various stakeholders such as farmers, consumers, suppliers on a single digital platform. AI-powered services, especially in areas like telemedicine, e-learning and entertainment, could leverage subscription-based models for sustained revenue.
With promulgation of current Constitution in 2015, Nepal has entered into a new era of sustainable peace, stability and prosperity. Recently, we have amended over a dozen of laws and streamlined processes to foster a conducive investment environment in Nepal in various sectors. The Government of Nepal has prioritized energy, manufacturing, tourism, infrastructure development, education, health, and agriculture as priority sectors of investment.
I would also like to stress that Nepal has huge potentials for business partnerships in AI field. I take this opportunity to call on business communities present here to explore avenues of investment in Nepal and expand business partnerships with Nepali counterparts.
On a positive note, AI can unlock greater business opportunities through various models such as subscription, on-demand service, freemium, marketplace, and data analytics for a more peaceful and prosperous Asia.
In conclusion,
I would like to drive home a message, loud and clear that AI must be used responsibly and ethically for a common good of humanity.
Let us embrace AI as a positive force for global peace, stability and prosperity by leaving no one behind.
Thank you.