Ministry of External Affairs creates “NEST” to increase investment coordination

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News:The Ministry of External Affairs has decided to set up a new division called NEST-New and Emerging Strategic Technologies.

Facts:

About NEST:

  • The NEST will act as a nodal point to exchange views with foreign governments on new and emerging strategic technologies.
  • The division will help in collaboration with foreign partners in the field of 5G and artificial intelligence. 
  • It will also help assess foreign policy and international legal implications of new and emerging technologies and technology-based resources, and recommend appropriate foreign policy choice.
  • The division will also be holding responsibility for matters that involves negotiations with multilateral fora like the United Nations,G20.This will help to safeguard India’s interests as such forums govern the rules of access to such technologies.

About Emerging Technologies:

  • Emerging technologies refers to developing technology that may be available within the next five to ten years and is expected to create significant social or economic effects.
  • The top Emerging Technologies are Artificial Intelligence, Internet of things, 5G technology, 3D printing,Robotic Process Automation(RPA) among others.