Canada Pledges Billions to Boost AI Sector

The Canadian government has declared that the country has readied an investment worth $2.4 billion in the country’s AI sector.

This funding, part of the 2024 federal budget, aims to stimulate employment and enhance AI development in the country.

Prime Minister Justin Trudeau labeled the initiative a “game-changer” during a pre-budget tour in Montreal on April 7. He stated that the initiative aims to provide world-class computing capabilities, launch a new AI compute access fund, and establish a new Canadian AI strategy.

In Montreal, PM Justin Trudeau announces a $2.4-billion package from the upcoming federal budget to build capacity in artificial intelligence.#cdnpoli pic.twitter.com/AbNlOrX2kd

— CPAC (@CPAC_TV) April 7, 2024

A significant portion of the $2 billion funds will be allocated towards improving access to computing and technological infrastructure. An additional $200 million will be channeled into AI start-ups to expedite technological advancements in key sectors such as healthcare, agriculture, and manufacturing.

This investment is expected to augment the country’s business productivity and stimulate job growth in the AI industry. Another $50 million is being dedicated to training workers who might be affected by the advent of this technology.

During the event, the Prime Minister also noted AI will contribute to a more equitable future with increased employment, growth, and housing opportunities. He also highlighted that innovation and technology are among the highest-paying industries in the nation.

This investment is part of Ottawa’s 2024 budget. Finance Minister Chrystia Freeland will present it on April 16. This commitment is one of several pre-budget announcements made in recent weeks.

This announcement is timely, given the increasing use of AI in Canada despite existing apprehensions. A recent poll by Leger revealed that 30% of Canadians use AI tools, marking a 25% increase from the previous year.