If you want to be independent, then aim for financial independence too Unlocking the economic potential of AI and how the Government should capture it

Modern technology is changing the world imaginable. Tech Giants are investing heavily in research and development – accelerating the epoch of inventiveness and; consequently, the battle involving the most innovative tech companies for sway at the top of the world is well underway.

Undoubtedly, technology is the world’s next frontier, poised to unleash the next wave of productivity, and the explosion of artificial intelligence (AI), nanotechnology, cloud computing, machine learning and augmented reality has increased that importance.

Focusing on AI, and although some aspects of this invention are perceived as extremely dangerous, there are inherent value and opportunities attached to it. These upsides promise to impact the world for the next century through transformation of predictive healthcare, adaptive education and optimized crisis response and this is where it becomes relevant to the

BY D MARKIE SPRING

TCI.

However, we face enormous barriers, including a lack of specialized talents, limited investments in AI research and innovation, and regulations designed for ethical humancentric and transparent use of the technology across sectors.

Impacted by the world of technology, the TCI must collaborate and build partnerships with other nations – specifically the UK, and other regional players, when tackling technology challenges through the exchanging of ideas and expertise, and other resources.

More so, lawmakers should work closely with the Organization for Economic Co-operation and Development global forum on technology to engage the global community concerning efficient use of the technology.

A vibrant AI ecosystem to unlocking benefits for citizens, businesses and Government entities is consequential and acquiring a highly skilled workforce to meet those demands of the 21st century is central.

This suggests, the workforce should have access to online AIbased courses and Government’s programmes at the community college, among other technologydriven initiatives.

Besides, launching transformative AI programmes are ideal to realize potential opportunities for disruptions derived from natural strengths in high-potential areas, such as smart tourism, a smart island initiative and a digital platform, so businesses and individuals can access Government’s services and resources and an electronicpayment system.

And assembling a centralized AI authority to realize the value of AI should be established to manage TCI’s approach to adopting AI, among other technologies and benefits.

This approach will enable the Government to harness the power of the technology through personalized services and automated processes and a virtual assistant to help citizens and businesses navigate Government’s services through AI-powered voice or chat.

And establishing a systematic approach deigned to actively monitor and penalize those who failed to effectively manage AIassociated risks is paramount – making this environment ideal for an efficient workforce to function in.

Unequivocally, Big Tech will dominate the new digital order; rather than, the Government; henceforth, the authorities must set standards to regulate this invention and create a tech diplomacy network to bring tech professionals from the public and private sectors to help transform the economy in a sustainable and inclusive manner through innovation.

All these factors are achievable only if lawmakers and businesses are committed to fund AI-based research and development.

The Government; however, must pave the way for capturing the full value of AI by educating the private sector about AI potential, identifying major opportunities and supporting the adoption of AI technologies to be used ethically and securely, while addressing technological risks.