Telangana Signs MoU for World Trade Centre at AI City

Telangana signs MoU for World Trade Centre at AI City

Telangana government has signed an MoU with the World Trade Centres' Association for the establishment of a World Trade Centre in the proposed AI City near Hyderabad. The WTC at AI City will feature 1 million square feet of built-up space to house firms at the forefront of AI and emerging technologies. "This is poised to be one of the largest capacity building initiatives in the field of Global AI domain," a release from the IT and Industries Minister D. Sridhar Babu's office said on Friday. World-class office spaces, trade services, training facilities, retail and entertainment zones, co-living spaces, a luxury hotel and primary healthcare facilities will form part of the campus, in line with a vision to develop an integrated mini smart city embodying the walk-to-work concept, it said on the MoU that was signed in the presence of the Minister at the Global AI Summit. Eyes $200 billion IT exports "Having WTC in upcoming AI City is pivotal to our goal of growing IT exports from $32 billion to $200 billion... partnership a testament to Telangana's commitment to driving economic growth through global collaboration," Mr. Sridhar Babu said. Setting up of the WTC AI City is also a pointer to Telangana's growing global influence. "This collaboration will accelerate our IT export goals and position Telangana firmly among the world's leading AI innovators," he said. Executive Director of WTCA, New York, Robin van Puyenbroeck said "typically, securing a license for a new WTC is a lengthy process. However, given the bold vision of Telangana's leadership, we expedited the process, approving the license within a record time of one week." On the two-day Global AI Summit of the Telangana government that concluded on Friday, the Minister's office said the event featured more than 2,500 delegates, over 20 renowned speakers from around the world and provided a forum for major announcements, including the AI City. The summit outcomes are expected to catalyse further investments, underscoring Telangana's commitment to advancing AI innovation, which Chief Minister A. Revanth Reddy had sought to highlight at the inauguration on Thursday. Multi-pronged strategy Mr. Sridhar Babu said that three key strategies that will propel the State towards its ambitious goal of becoming a $ 1 trillion economy will be the focus on centres of excellence (CoEs), taking AI to the grass roots and building trust in AI. "AI is often referred to as a double-edged sword, capable of remarkable progress but also posing challenges. At Telangana, our focus is not just on an AI-driven future for economic growth but on ensuring that AI is trustworthy, transparent, and aligned with ethical standards. Our goal is to democratise AI...," he said. On the strategies, he said the new vertical-specific CoEs with their focus on critical sectors such as cybersecurity, semiconductors and finance are expected to drive innovation and growth. Bridge the divide On AI for Grassroots, he said AI innovation centres would be set up in tier-2 and tier-3 cities with an aim to bridge the urban-rural divide. The State government's emphasis will also be on implementing comprehensive frameworks for AI governance, ensuring transparency, accountability and ethical AI development. On the concluding day of the Summit, the Machine Learning and Artificial Intelligence Technology Hub (MATH) for AI and ML technologies, which is a collaborative effort between the Centre's Department of Science and Technology and T-Hub, announced winners of its hackathon and startup pitch competitions. The top three hackathon teams - Flatmates, Salubrity Health and SoulSupport - received cash prizes of ₹5 lakh, ₹3 lakh and ₹2 lakh respectively. Published - September 06, 2024 10:12 pm IST Read Comments

Telangana signs MoU for establishment of World Trade Centre within its AI City

Telangana signed a Memorandum of Understanding (MoU) with the World Trade Centres Association (WTCA) for the establishment of the World Trade Centre within its ambitious AI City, the government announced on the second day of its Global AI Summit 2024. The WTC AI City will feature 1 million square feet of built-up space, housing companies at the forefront of AI and emerging technologies. The government said it will be one of the largest capacity building initiatives in the field of AI. "Having WTC in the upcoming AI City is pivotal to our goal of growing IT exports from $32 billion to $200 billion," Duddila Sridhar Babu, Telangana IT and Industries said in a statement. "This collaboration will accelerate our IT export goals and position Telangana firmly among the world's leading AI innovators." The campus will offer world-class office spaces, trade services, training facilities, retail and entertainment zones, co-living spaces, a luxury hotel, and primary healthcare facilities -- all in line with the vision of Telangana's leadership to develop an integrated mini smart city that embodies a "walk-to-work" concept. "Typically, securing a license for a new World Trade Centre is a lengthy process. However, given the bold vision of Telangana's leadership, we expedited the process, approving the license within a record time of one week," Robin van Puyenbroeck, Executive Director of WTCA, New York said. On the second day of the Global AI Summit 2024, Telangana reinforced its commitment to making artificial intelligence (AI) accessible and beneficial for all citizens. "AI is often referred to as a double-edged sword, capable of remarkable progress but also posing challenges," Babu explained. "At Telangana, our focus is not just on an AI-driven future for economic growth but on ensuring that AI is trustworthy, transparent, and aligned with ethical standards. Our goal is to democratize AI, ensuring its benefits are equitably distributed across sectors." He also introduced three key strategies that would propel Telangana towards its goal of becoming a $1 trillion economy. The first being to have new vertical-specific Centres of Excellence which will focus on critical sectors such as cybersecurity, semiconductors, and finance, driving innovation and growth across these industries. The other would be to have AI innovation centres that will be expanded across tier-2 and tier-3 cities, ensuring that AI-driven growth reaches every corner of Telangana. The initiative aims to bridge the urban-rural divide and create new opportunities for communities state-wide. The state also said it would implement comprehensive frameworks for AI governance, ensuring transparency, accountability, and ethical AI development. This would be done to safeguard citizens while promoting responsible AI innovations.