New Delhi: Omar Sultan Al Olama, the Minister of State for Artificial Intelligence of the United Arab Emirates on Wednesday said that now is the time to dominate the world through commerce, and countries like India and the UAE can work together to substantially increase the footprint across the world.

The United Arab Emirates minister made the remarks while virtually speaking at the event called CyFY2022, organised by Observer Research Foundation (ORF).

"The way to dominate the world today is through commerce. If countries like India and the UAE can work together, we can substantially increase our footprint in the world," Olama, in his video interaction, told ORF president Samir Saran.

The UAE minister said that there are ingrained roots between India and the UAE and in multiple possible areas for cooperation, particularly in collaboration between startups in both countries.

Olama, the world's only AI minister, said that his job is to regulate the bad and promote the good while utilising technology to create a better future for everyone.

"My job is to ensure that AI deployment in the country allows for more proactive governments, allows for better economic returns and allows for a better future for everyone," the Arab minister added.

Further, talking about the use of AI in crude oil production, the UAE minister said that the country wants to apply AI to increase efficiencies to reduce the cost of each barrel.

"We really need to spend on our infrastructure. We'll use AI to manage traffic effectively to ensure that people do not get gridlock as you see over places even though we have increased traffic flows across the bay," Olama said.

Talking about Web 3.0, the minister said Dubai is "bullish" towards Web3.

"We can't compete with other countries in terms of size but with Web3, we can compete with other countries despite not having the physical scale as other countries," he said.

The minister, while explaining the evolution of technology, said now it is possible to use lesser data to do more.

"Nowadays, we not only need volume but also better quality and velocity of data. Access to capital, talent, and a conducive environment are essential for growing the tech ecosystem," Olama elucidated.

Responding to a question on women's participation, he said that the UAE has a greater share of women in the digital space. More women are now entering into STEM, even in rural areas, due to increased connectivity, he added.

Later, speaking at the same event, a parliamentarian from Ambedkar Nagar Ritesh Pandey said:

"The role of government in promoting Web3 tech - policy must be shaped to protect the interests of the millions of people in rural areas."

Pandey said that middlemen misappropriate key resources across the world but this issue he believes is especially detrimental in India.

"Web3 and blockchain can democratise data and allied tech...Blockchains, data on asset ownership, smart contracts and digital assets make up the digital metaverse and can help solve many pressing issues," the parliamentarian said.