Canada's Prime Minister Justin Trudeau announced that the federal government has invested $1.8 billion or CA$ 2.4 billion to support the AI sector in the country.
The investment is divided into two focuses: advance job growth in the AI industry and boost businesses' productivity.
Canada Highlights AI Advancements for Better Economy
The majority of the funds will be used to increase the country's access to computing and technological computation. The remaining funds will be invested in AI startups that work in accelerating technology in healthcare, agriculture, and manufacturing.
"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 in a press release Sunday.
In addition, some of the funds are intended to help small and medium-sized businesses to incorporate AI into their field. A small fund will also go to the training of workers whose jobs are at risk of being disrupted by the technology.
Canada Lists AI Industry to Help Country's Growth
The investment promises access to computing power and infrastructure. However, the government has yet to provide more clarity on how it will make it possible.
"If this gives Canadian companies the resources to compete globally, today's announcement is a step in the right direction," said Benjamin Bergen, head of the Council of Canadian Innovators.
Currently, there are around 140,000 people who are active AI professionals in Canada. In addition, about 30% of all venture capital activity in the country was related to AI in 2022.
Despite providing support to the industry, Canada has yet to adopt a law that will regulate AI. In 2022, the Artificial Intelligence and Data Act was introduced but its progress is still under consideration by members of the parliament.
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