Trade Volume Target between Russia & India Hard to Achieve without Hi-tech Cooperation: Report
ZYFRA is currently looking for reliable partners in India to jointly promote its ZYFRA EYE solution, which allows monitoring unconnected industrial equipment for a fraction of price of the traditional machine data collection installation.
Russia and India must focus on intensifying hi-tech cooperation to bring the trade turnover to $30 billion, and mutual investments to $15 billion by 2025, says a report of Finnish-Russian artificial intelligence (AI) and Industrial Internet of Things (IIoT) solutions firm ZYFRA.
Igor Bogachev, CEO of ZYFRA, said that innovations should become a point of growth of Indo-Russian relations. They see significant potential for introduction AI-based solutions in such industries as metals and mining, oil and gas, chemicals. Cooperation between Russia and India in AI and IIoT go beyond buyer-seller relationship and will involve sharing best practices, knowledge and innovating jointly. The two can work together in third countries as well, said Bogachev.
According to him, ZYFRA is currently looking for reliable partners in India to jointly promote its ZYFRA EYE solution, which allows monitoring unconnected industrial equipment for a fraction of price of the traditional machine data collection installation.
He said that the two countries shall focus on development of computer vision and deep learning powered solutions, which process raw video footage of the dashboards of non-connected industrial machines and also of some other industrial equipments, recognize meters readings and controls positions and convert them to the structured data.
ZYFRA achieved $3 million in contracts with its Indian counterparts in 2018, facilitating industrial manufacturers with AI and IIoT-based solutions as well as autonomous vehicles.
He said that Russia is building Kudankulam Nuclear Power Plant in Tamil Nadu, India. BrahMos Aerospace, an Indo-Russian joint venture, develops state-of-the-art supersonic missiles. And projects like these, are expected to give a major boost to the artificial intelligence (AI) industries in both the countries.
The overall volume of trade between Russia and India exceeded $9 billion last year. The countries have set targets of increasing trade turnover to $30 billion and increasing investments to $15 billion by 2025.
