The development of Artificial Intelligence (AI) technologies is becoming a key factor influencing many economic and social sectors worldwide. AI has the potential to fundamentally change many existing economic activities, and its widespread integration into the economy has significant transformative potential.

In recent years, artificial intelligence (AI) has gained strategic importance in ensuring long-term economic growth and opening up new avenues for the development of various sectors of the economy. According to a study conducted by Stanford University, in 2022 the global AI market was estimated to be worth $136.5 billion, with global private investment in AI totaling $91.9 billion.

Forecasts by the International Financial Institutes regarding the impact of AI on global economic growth are optimistic. It is expected that the implementation of AI could drive a 7% (or almost $7 trillion) increase in global GDP and lift productivity growth by 1,5% over a 10-year period.

Skillfully harnessing the potential of artificial intelligence in many industries can optimize business processes, increase productivity, improve customer service, and create innovative products (services).

It is worth noting that the expansion of modern technology applications contributes to the sustainable development of the national economy.

On April 30, 2024 the practical conference titled “Introduction of Artificial Intelligence in different sectors of the national economy: current challenges and solutions” took place at the Graduate School of Business and Entrepreneurship under the Cabinet of Ministers of the Republic of Uzbekistan.

The conference was conducted as an open dialogue, aiming to bring together various stakeholders - government agencies, academia, and the business community to effectively leverage available opportunities in the field of artificial intelligence for the development of Uzbekistan’s economy.

Furthermore, representatives of government bodies, large industrial enterprises, commercial banks, insurance companies, research institutes and of small businesses participated in the conference.

Uzbekistan is proactively advancing the integration of artificial intelligence technologies across diverse sectors of its economy. The Presidential Decree “On measures to create conditions for the accelerated introduction of artificial intelligence technologies” dated February 17, 2021, established a legal framework to expedite the development and implementation of AI technologies, while also outlining key directions for their growth within the country.

In today’s landscape, artificial intelligence technologies are gaining traction across various sectors. They play a crucial role in the mining industry by detecting and characterizing mineral deposits, in agriculture by monitoring soil quality and crop conditions using remote sensing data and in banking to enhance operational efficiency and evaluate credit risks.

During the conference it was also discussed ongoing development of artificial intelligence technologies, explored promising avenues for their application across industries, and examined specific AI projects aimed at enhancing operational efficiency of enterprises.

Thematic sessions of the conference explored opportunities and prospects related to leveraging artificial intelligence for enhancing agricultural productivity, developing AI solutions in mining and medicine, and introducing these technologies to automate a wide range of processes—from payment processing and credit risk analysis to customer service and operational management.

At the end of the conference, participants identified priority areas for the development of artificial intelligence technologies. They also outlined additional measures to implement projects utilizing advanced technologies across various industries. Furthermore, there was a concern on the importance of continuing a collaborative dialogue to explore promising areas for implementing artificial intelligence technologies within the Uzbekistan’s economy.