Canada Pledges $1.76 Billion to Enhance its AI Industry and Workforce
Summary:
The Canadian government plans to invest $1.76 billion (2.4 billion Canadian dollars) into bolstering its artificial intelligence sector. This funding will be distributed among AI startups, medium-sized businesses, and research firms. The package also includes substantial funding for developing computing capabilities and AI-related infrastructure, supporting AI companies in the agriculture, clean technology, healthcare, and manufacturing sectors, and facilitating workforce retraining and reskilling. An AI Safety Institute will also be established to ensure safe AI development and implementation.
The Canadian government is allocating $1.76 billion (or 2.4 billion Canadian dollars) from its federal budget to bolster its artificial intelligence (AI) industry, securing the nation's competitive advantage in AI technology. This investment package includes funding AI startups, medium-scale businesses, and research institutes. Prime Minister Justin Trudeau, in a statement made on 7th April, shared that the rapid progression of AI could unlock substantial economic benefits for Canada, enhancing productivity while decreasing the amount of repetitive labour for workers.
Through the announced investment, $1.47 billion will be funneled into improving computing capabilities and developing AI infrastructure via Canada's new AI Compute Access Fund. This fund would aid the country's top AI researchers and startups. An additional $147 million is designated for AI startups in fields like agriculture, clean technology, healthcare, and manufacturing. Meanwhile, $73.5 million will go towards small and medium-sized AI companies to improve productivity.
Trudeau stressed that the investment will generate well-paid jobs, stimulate innovation across different sectors, increase productivity, and fuel economic growth. The Prime Minister acknowledged that AI has already significantly contributed to progress in fields like drug discovery, energy efficiency, and housing innovation in Canada.
Addressing the potential impact of the AI boom on the workforce, the government has pledged up to $36.8 million for the Sectoral Workforce Solutions Program to facilitate job retraining and reskilling across various industries.
A recent report from CVL Economics highlights that those working in the film and animation industries are most at risk from the rise in AI technology. The rest of the budget ($36.8 million) will be allocated to establish a Canadian AI Safety Institute, which will ensure the safe development and implementation of AI.
Canada, which claims to be the world's first country to formulate a national AI strategy, launched the Pan-Canadian Artificial Intelligence Strategy in 2017. It was designed to stimulate AI adoption through research and commercialization. Valued at roughly $7.4 billion, Canada's AI market is smaller when compared to the $106 billion AI market in the United States.
As part of its AI strategy, Canada has purportedly tried to lure several promising AI firms from the European Union. One such firm, Tenstorrent, teamed up with South Korea's Samsung last October to develop the next wave of AI chiplets. Shortly before that, Tenstorrent concluded a $100 million funding round backed by Samsung and automobile manufacturer Hyundai.
Published At
4/8/2024 4:13:56 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.