Canada is taking a major leap to boost global competition in the artificial intelligence (AI) field and strengthen the local economy. The federal government plans to invest $2.4 billion to build capacity in AI. This substantial investment will be made through the 2024 budget, with $2 billion directed towards AI researchers, startups, and scaling projects.
Prime Minister Justin Trudeau made the announcement at the office of Scale AI in Montreal, highlighting that while Canada’s AI ecosystem is already advanced, other countries have made significant progress with substantial investments in the sector. Trudeau sees this as an opportunity to enhance Canada’s competitiveness and provide stable and well-paying jobs for the younger generation.
The government’s strategy aims to support the development of new technologies, particularly in critical sectors and small and medium-sized enterprises (SMEs), and promote wider adoption of AI. As part of this strategy, a $405 million fund has been established. Some of this fund will be used to create a new Canadian AI Security Institute, assist the workforce affected by AI, and strengthen the implementation of the Artificial Intelligence and Data Act (AIDA).
The National Research Council will receive $100 million to support SMEs in developing AI projects. Additionally, a $200 million fund will be set aside for ventures looking to commercialize AI solutions, especially in sectors like health, manufacturing, clean technology, and agriculture.
In his latest budget announcement, Prime Minister Trudeau emphasized the potential of AI to transform the economy and intends to capitalize on Canada’s advantages in this field. He believes that investing in AI will boost productivity, foster economic growth, and create well-paying job opportunities for Canadians.
A notable aspect of Trudeau’s announcement was the establishment of a separate office for the Artificial Intelligence and Data Commissioner. This commissioner will be responsible for implementing the Artificial Intelligence and Data Act. Furthermore, $50 million will be allocated for skill training initiatives to support workers affected by AI developments.
The Canadian press and technology sector have responded positively to these investments in AI. Globeandmail’s senior political reporter Marieke Walsh and economy reporter Joe Castaldo have shown support for the government’s initiatives in the AI field. Castaldo even mentioned that previous inadequate investments had jeopardized Canada’s AI advantage.
Industry representatives, including Aidan Gomez, CEO of AI-specialized company Cohear, have also welcomed Canada’s progress in AI. Cohear expressed appreciation for the government’s leadership in promoting AI innovation.
However, it is acknowledged that the private sector requires more support and incentives to fully benefit from these investments. Nevertheless, Canada’s initiative in the AI field is seen as a crucial step for the country’s technological future.
Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
