Artificial Intelligence (AI) has emerged as a transformative force, revolutionizing various aspects of our lives. From personalized recommendations to autonomous vehicles, AI has demonstrated its potential to enhance efficiency, improve decision-making, and propel innovation across industries. However, as AI continues to evolve and become more sophisticated, questions about regulating the industry arise.
Speaking in a session at the Annual Meeting of the New Champions (AMNC23), with host Olaf Groth, Professor at Hult International Business School; Paula Ingabire, Minister of Information, Communication Technology and Innovation, Rwanda; Joanna Bryson, Professor of Ethics and Technology, Hertie School; and Liu Jiren, Chairman, Neusoft Corporation; Darko Matovski, CEO of CausaLens, an AI firm, praised the effort of the European Union in regulating artificial intelligence (AI) and acknowledges the positive aspects of the proposed legislation.
He highlighted the EU’s tiered approach, distinguishing between high-risk critical AI and non-regulated areas like chatbots and entertainment. However, the speaker expressed concern about the implementation of regulations in the real world, emphasizing that good intentions must be accompanied by proper enforcement and practicality.
He stressed the importance of avoiding stifling creativity and hindering innovative technologies that have the potential to make a significant impact.
AI unregulated because it’s still new
Joanna acknowledged the under-regulation of the digital sector due to its relative newness and the tendency for regulators to be hands-off with new technologies. She mentioned that in terms of compliance, industries such as banking and healthcare are always quick while tech firms such fintechs are the opposite.
In dealing with transnational concerns for regulating AI, she added that there’s a need for national and coordinated strategies to engage with large tech companies. Citing an example with huge tech companies that create products with massive user bases, Joanna noted that global organizations such as UNESCO can play an important role in enforcing rules for equity across borders.
Rwanda seeks collaboration with all stakeholders
Speaking about how her country has dived into the tech space and what they hope to do, the Rwandan Minister, Paula Ingabire said that it’s important to seek collaboration between governments, experts, and the private sector in building trust and developing regulations for new technologies and industries.
She cited examples of innovative solutions such as using drones for healthcare logistics and implementing an AI chatbot for medical diagnoses that have utilized the power of stakeholders to advance.
Another important point Paula mentioned is the need for experimentation and flexible regulations to enable the growth of these industries. She highlighted the issue of navigating multiple sets of regulations when expanding into international markets and suggests the importance of streamlining and harmonizing regulations at an international level to facilitate scalability and growth.
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