Ekaterine Mikabadze, Vice Governor of the National Bank of Georgia, participated in a panel discussion on "Opportunities for Innovation and AI - driven Growth" at the annual meeting of central bank governors and finance ministers from the Netherlands, Belgium, and Luxembourg.

The panel focused on how AI and innovation can boost productivity and create opportunities for inclusive economic growth. Mikabadze highlighted the potential of these technologies to transform the economy, while acknowledging the challenges they present.

"Strategic use of AI and innovation can significantly increase productivity and drive inclusive economic growth," Mikabadze said. "AI automates tasks, provides data-driven insights, and enables new business models, fostering efficiency and innovation across industries. However, to ensure everyone benefits from AI, strategies for inclusive growth, digital inclusion, workforce development, and ethical use principles are crucial. Through collaboration and thoughtful policy reforms, we can build a promising future in the age of AI."

Ekaterine Mikabadze emphasized data privacy and security as paramount challenges in the age of AI.  She highlighted the need for rigorous adherence to privacy standards when processing personal data with AI. Additionally, new types of model and operational risks emerge with AI, necessitating the development of clear risk management frameworks by regulators.

The discussion also addressed the rising investments in AI research and development by financial institutions. These institutions are actively developing novel AI-based business models and implementing automation solutions within their organizations.

Mikabadze shared information about the National Bank of Georgia's own AI initiatives.