Canada is taking a bold step to enhance global competition in the realm of artificial intelligence (AI) and bolster the local economy. The federal government is allocating a significant investment package of $2.4 billion to build AI capabilities. This substantial investment will be realized through $2 billion from the upcoming 2024 budget, which will be directed towards AI researchers, startups, and scaling projects.
Prime Minister Justin Trudeau made this announcement at the office of Scale AI in Montreal, highlighting that while Canada’s AI ecosystem is already advanced, other countries have made significant strides through substantial investments in the AI sector. Trudeau emphasized that this move presents an opportunity to enhance Canada’s competitiveness and create stable, 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 enterprises (SMEs), and to encourage the wider adoption of AI. As part of this initiative, a fund of $405 million has been established. A portion of this fund will be utilized to establish a new Canadian AI Security Institute, provide support for the workforce affected by AI, and strengthen the implementation of the Artificial Intelligence and Data Act (AIDA).
Furthermore, the National Research Council will receive $100 million to assist SMEs in developing AI projects. An additional fund of $200 million will also be set aside for ventures seeking to commercialize AI solutions, with a particular focus on sectors such as healthcare, manufacturing, clean technology, and agriculture.
In his latest budget announcement, Prime Minister Justin Trudeau emphasized the potential of AI to transform the economy and outlined plans to capitalize on Canada’s advantages in this field. According to Trudeau, investments in AI will enhance the productivity of Canadians, stimulate economic growth, and create lucrative job opportunities.
One notable aspect of Trudeau’s announcement was the establishment of a dedicated office for the Artificial Intelligence and Data Commissioner. The commissioner will be responsible for implementing the Artificial Intelligence and Data Act. Additionally, a significant fund of 50 million Canadian dollars will be allocated for skill training initiatives aimed at workers who may be affected by AI advancements.
The reaction from the Canadian press and the technology sector has been positive. Articles by Globeandmail’s senior political reporter Marieke Walsh and economy reporter Joe Castaldo have expressed support for the government’s investments in AI. Castaldo noted that previous insufficient investments had posed a threat to Canada’s AI advantage.
Aidan Gomez, CEO of AI-specialized company Cohear, and other industry representatives have also welcomed Canada’s advancements in the AI field. Cohear commended the government’s leadership role in promoting AI innovation.
However, it is acknowledged that the private sector requires more support and incentives to fully benefit from these investments. Nonetheless, Canada’s initiative in the AI field is seen as a crucial step towards the country’s technological future.
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