As artificial intelligence (AI) becomes increasingly integral to global economies and societies, the need for effective AI governance has never been more urgent. The rapid advancement in AI technologies and their widespread adoption across many sectors, such as healthcare, finance, agriculture, and public administration, presents unprecedented opportunities and significant risks. Ensuring that AI is developed and deployed in a manner that is ethical, transparent, and accountable requires robust governance frameworks that can keep pace with technological evolution. This report explores the emerging landscape of AI governance, providing policymakers with an overview of key considerations, challenges, and global approaches to regulating and governing AI. It examines the foundational elements necessary for thriving local AI ecosystems, such as reliable digital infrastructure, a stable and sufficient power supply, supportive policies for digital development, and investment in local talent. As countries navigate this complex landscape, the report highlights the need to encourage innovation by mitigating risks like bias, privacy violations, and lack of transparency, emphasizing the importance of sustainable growth and responsible AI governance.