The Davos meet in Switzerland came with the announcement of setting up a “Centre for Internet of Ethical Things” by Karnataka Chief minister B.S Yediyurappa. As told to IANS by an official, the setting up of the centre would be in partnership with the World Economic Forum (WEF) to ensure a level-playing field for global investors and industrialists.
The 50th WEF at Davos, Switzerland saw a 10 member delegation from Karnataka led by Piyush Goyal, Minister of Union Commerce and Industry and some others. In an impromptu decision taken by WEF Managing Director Morat Sonmez to start this centre, Karnataka becomes the first Indian state to provide this facility.
By signing an agreement with WEF Managing Director Morat Sonmez for setting up the centre, Karnataka became the first state in the country to offer a competitive environment for investors.
Morat Sonmex said this move by Karnataka would allow more global participation in the state and have an ethical regulation of AI practices to avoid misuse.
“We look forward to engage with CXOs to invest in Karnataka, especially in strategic research that can help the state becoming a major player in global agenda,” said Yediyurappa on the occasion.
The meet was attended by Jagdish Shettar (Minister of State Industries), T.M Vijaybhasker (chief secretary), Ramana Reddy (State Industries secretary) and Viraj Mehta ( WEF Regional Head- India and Asia).
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Why is ethics such a big criteria for global business?
When a global firm chooses to do business with a country, the trust factor contributes heavily to their decision making. To ascertain trust in investors and dealers, accountability and transparency are key elements. By setting up this ‘Centre for Internet of Ethical Things’, global businesses may find more confidence as they have an ethical body to keep a check on the misuse of technology.