Governance plays a critical role in advancing Industry 4.0 technologies by enhancing collaboration between industry and academia. This joint relationship significantly accelerates the development of artificial intelligence (AI) technologies, improves research quality, and strengthens scientific and technical capabilities. The primary objective of this research is to investigate the impact of advancements in AI technologies on strengthening the relationships between industry and universities. By conducting a qualitative analysis of governance practices in technology development across various countries, this study delves deeply into the dynamics of this relationship. The findings indicate that AI serves a pivotal role in enhancing research capabilities, introducing innovative technologies, promoting collaboration, facilitating technology transfer, and driving innovation, competitive advantage, and sustainable progress in industries. Furthermore, the study focuses on governance strategies related to AI within the context of industry-academia collaboration, including the formation of joint committees, initiation of collaborative research projects, facilitation of technology transfer, and establishment of shared platforms for education and research in AI and related fields. These aspects are meticulously examined within the framework of human capital development and knowledge-based economic growth, underscoring the importance of effective governance structures in leveraging AI advancements to strengthen industry-academia partnerships and stimulate technological innovation.