Trade volume target between Russia and India hard to achieve without hi-tech cooperation: Report

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 report of Finnish-Russian artificial intelligence (AI) and Industrial Internet of Things (IIoT) solutions firm ZYFRA. “Innovations should become a point of growth of Indo-Russian relations. We see significant potential for introduction AI-based solutions in such industries as metals and mining, oil and gas, chemicals” said Igor Bogachev, CEO of ZYFRA. “Cooperation between Russia and India in AI and IIoT go beyond buyer-seller relationship and will involve sharing best practices, knowledge and innovating jointly; we can work together in third countries as well.”

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. “Russia and India 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 other industrial equipment, recognize meters readings and controls positions and convert them to the structured data,” Bogachev added.

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.