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Chinese president Xi Jinping to offer $28 billion infrastructure aid to Pakistan

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China Pakistan

By NewsGram Staff Writer

Chinese President Xi Jinping’s visit to Pakistan from today is expected to make way for a $28 billion investment in the neighbouring country. The investment comes as a first step towards $45 billion bellwether Pakistan-China Economic Corridor (PCEC) Project.

Jinping is expected to roll out billion dollars for infrastructure and energy assistance, something that the United States never offered in the 10 years of its so called ‘close-friendship’. It is said that this gesticulation of the Chinese President is likely to corroborate the downturn of American influence in Pakistan, US media reported.

In an op-ed, titled “Pak-China Dosti Zindabad” (Long Live the Pakistan-China Friendship), published in Pakistan’s Daily Times, the Chinese president expressed that,

When I was young, I heard many touching stories about Pakistan and the friendship between our two countries. To name just a few, I learned that the Pakistani people were working hard to build their beautiful country, and that Pakistan opened an air corridor for China to reach out to the world and supported China in restoring its lawful seat in the United Nations. The stories have left me with a deep impression. I look forward to my upcoming state visit to Pakistan.

In a news conference, Pakistan’s Planning and Development Minister Ahsan Iqbal stated that Jinping’s tour is the first visit by a Chinese president to Pakistan after nine years, and “The strength of the Pakistan-China friendship is one of the unifying factors in the country and a centrepiece of Pakistan’s foreign policy, strengthened by all past governments irrespective of domestic differences.”

During the visit, Jinping, Pakistan President Mamnoon Hussain, Prime Minister Nawaz Sharif and other Pakistani leaders will come together for a detailed dialogue on bilateral relations and issues pertaining to common interest.

Pakistan also looks forward to Jinping disclosing tons of projects under the corridor linking China’s Xinjiang province with Gwadar port through Pakistan-occupied Kashmir (PoK).

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Real Estate Companies in India, China Adopting Artificial Intelligence

Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth, said the report

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Artificial Intelligence Bot
Artificial Intelligence Bot. Pixabay

The real estate companies in India and China are fast adopting Artificial Intelligence (AI) technology in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.

Asia Pacific that contributes nearly 40 per cent in the global construction market, is estimated to be the fastest growing “AI-in-construction” market by 2024, Zion Market Research said on Monday.

The growth in Asia-Pacific “is owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India”.

Additionally, the development of creating information modelling is software that gives information on a construction project, warranty details regarding material used, and commissioning data.

This has resulted in increased AI adoption by most of the construction start-ups globally for various applications, the findings showed.

According to the report, the global “AI-in-construction” market was valued at $312 million in 2017 and is expected to reach $3,161 million by 2024.

artificial intelligence, nobel prize
“Artificial intelligence is now one of the fastest-growing areas in all of science and one of the most talked-about topics in society.” VOA

“The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria,” said the report.

In addition, the need for safety measures on construction sites is also projected to drive this market’s growth.

“Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market,” the findings showed.

Also Read: Tech Giants to Face US House Hearings on Anti-trust, Cryptocurrency

Europe is projected to witness a remarkable rate of growth in the global “AI-in-construction” market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform.

Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth, said the report. (IANS)