1 Executive Summary

2 Overview

3 AI in Middle-Income Countries: Sectoral Growth and Dependency

4 AI Sector Leadership Context

4 AI Trade Dependency

24 AI Start-Ups in 10 Middle-Income Economies

27 Investors in AI Start-Ups

30 AI Policy and International Economic Relations

33 Thinking Outside the Box: Advanced Economy Partners

and the Path to Managed Interdependence

39 Conclusions

44 Appendix 1: Key Data Sources

45 Works Cited

vi About the Author

vi Acronyms and Abbreviations