RIYADH: Acknowledging the crucial role of artificial intelligence in all spheres of life, an industry expert has urged for the assessment of the risks associated with the technology and its impact on the overall economy.
Speaking at a panel titled “Digital Economy and AI — Unlocking Productivity and Growth” on the second day of the 10th Arab-China Business Conference, Patrick Zhong, founding general partner at M31 Capital, highlighted the pros and cons of AI.
He said: “We’re incredibly excited about the opportunities that come with AI, and certainly, there are a lot of risks associated with it.”
Zhong added that the technology has its share of risks and rewards, but the risks must be closely examined and evaluated as industries board the innovation cycle.
M31 Capital is a Shanghai-based private equity firm focusing on crypto-assets, cryptocurrencies and blockchain technology.
At the same panel, Aramco Digital board member Margarete Schramböck highlighted that infrastructure, digital services, governments, and trade are all prerequisites to an evolving digital economy.
“Digital economy is not just e-commerce or things we might think of, but several layers. We need a good infrastructure in all the countries around the world for people to participate in a digital economy,” Schramböck said.
She continued that digital services are another crucial factor that can further propel the evolution of the digital economy.
“Third is the government, which plays an important role, and they should be at the forefront. Saudi Arabia is a really good example of this,” the official stressed.
Tonny Bao, president of government affairs at Huawei and also on the panel, emphasized the role of a sound information technology infrastructure in spurring digital technology.
“Digital infrastructure is a foundation; otherwise, how would you generate the data, analyze the data, and transmit the data without good infrastructure,” Bao explained.
Investment opportunities, economic growth, and closer trade relations were on the agenda of the 10th Arab-China Business Conference, which concluded on June 12.
According to the Saudi Press Agency, the two-day event explored synergies in technology, artificial intelligence, renewable energy, agriculture, real estate and strategic minerals.
Organized by the Saudi Ministry of Investment in partnership with the Chinese Council for the Promotion of International Trade and a host of other regional associations, the conference welcomed more than 2,000 private sector leaders and government officials.