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Canada announces $2.4 billion in AI-related investments

Canada is currently focusing on promoting artificial intelligence and has allocated CAD 2.4 billion for artificial intelligence-related investments to improve job growth and increase productivity.

In a government press release issued yesterday (April 7), Prime Minister Justin Trudeau laid out the plans for a multi-billion pound package as “the race is on to scale up and adopt artificial intelligence around the world”. measure.

China took the lead in formulating a national artificial intelligence strategy as early as 2017 and provided more than $443 million in funding in 2022, with the government positioning itself as a leader in the field.

Prime Minister Justin Trudeau explained the investment: “Artificial intelligence has the potential to transform the economy. Our potential lies in leveraging Canada’s undeniable strengths.

“These investments in Budget 2024 will unleash the full potential of artificial intelligence to empower Canadians, especially younger Canadians, to obtain good-paying jobs while increasing productivity and growing the economy.

“This announcement is a significant investment in our future, the future of workers, ensuring that every industry and every generation has the tools to succeed and thrive in the economy of the future.”

More investment is likely to be revealed in the 2024 Budget, due to be tabled in the House of Commons on April 16.

How the money will be used for AI-related investments

The bulk of the new investment ($2 billion) will be used to “build and deliver computing power and technology infrastructure” to AI researchers, startups and scale-ups.

Start-ups will receive further support in bringing new technologies to market, particularly those looking to adopt artificial intelligence in agriculture, clean technology, healthcare and manufacturing. Regional Development Canada will provide $200 million in support.

An additional $100 million will be added as part of the NRC IRAP AI-assisted program focused on helping small and medium-sized businesses scale up and become more productive.

The Canadian Artificial Intelligence Safety Institute will be established to further promote the safe development and deployment of artificial intelligence, with $50 million allocated for this project.

Support will be provided for workers likely to be affected by AI, such as the creative industries, including $50 million for sectoral workforce solutions programs. This will provide new skills training.

The final tranche of funding, $5.1 million, will be used to strengthen enforcement of the Artificial Intelligence and Data Act. The bill aims to guide artificial intelligence innovation and protect people from potential risks.

Featured Image: Photo by Jason Hafso on Unsplash

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