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Monday, May 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

AI and Autonomy

Justin Trudeau announces $2.4 billion investment in artificial intelligence

The majority of the funds will be allocated to increasing access to computing and technological infrastructure

Justin Trudeau announces $2.4 billion investment in artificial intelligence
Image from Chris Wattie via Reuters.

The federal government will invest $2.4 billion in Canada’s artificial intelligence sector, divided among a number of measures to advance job growth and boost productivity.

Canadian Prime Minister, Justin Trudeau, announced the addition of these funding measures in its upcoming 2024 budget in order to secure an advantage for Canada in artificial intelligence.

The majority of the funds, totalling $2 billion, will go to increase access to computing and technological infrastructure. After which, another $200 million will be invested in AI start-ups to accelerate technology development in critical sectors such as healthcare, agriculture, and manufacturing, according to the release.

The government also intends to dedicate additional funds to assisting small and medium-sized businesses in incorporating AI, with an additional $50 million committed to training workers whose jobs may be disrupted by the technology.

The announcement follows a recent Leger poll, which revealed a rising use of AI in Canada despite “deep-rooted fears.” The poll, released in February, indicated that 30 percent of Canadians are utilizing AI tools, marking a 25 percent increase from over a year ago.

Trudeau emphasized on Sunday that innovation and technology rank among the highest paying industries in the country. Additionally, demand for recruiting Canadians with AI skills has surged in the past year, reflecting the intensifying global competition to leverage the technology.

“This announcement is a major investment in our future, in the future of workers, in making sure that every industry, and every generation, has the tools to succeed and prosper in the economy of tomorrow,” Trudeau said.

Read more: 100 civilians killed for every Hamas official found: ‘AI-assisted genocide’

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Federal government has commited $16 million since 2016

Alongside the new AI investments, the release said the federal government is actively “building more homes faster, ensuring every kid has the food they need, investing in healthcare, making life more affordable, and creating good jobs to ensure every generation can get ahead.”

In late March, Trudeau announced new measures aimed at protecting Canadian renters and providing them with better opportunities to enter the housing market.

The federal government’s press release on Sunday highlights that since 2016, it has committed over $2 billion to support growth across Canada’s AI sector and digital infrastructure. In 2017, Canada established the Pan-Canadian Artificial Intelligence Strategy, making it the first country to establish a national AI strategy.

The federal government has committed more than $16 billion to support scientific discovery since 2016.

The funds have aided in developing Canadian research talent and attracting top researchers from around the world. Additionally, the government has already allocated over $2 billion to foster growth across Canada’s AI ecosystem and digital infrastructure.

Canada took the pioneering step in 2017 to establish the first national AI strategy. The Pan-Canadian Artificial Intelligence Strategy, announced in 2017, is helping Canada maintain its position as a world leader in AI, enhancing business competitiveness, and enabling Canadians to benefit from the digital economy’s growth. The government announced phase two of its strategy in 2022, with funding exceeding $443 million.

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