Canada Funds the AI Sector to the Extent of US$1.8 Billion

Canada Funds the AI Sector to the Extent of US$1.8 Billion

Prime Minister Justin Trudeau launched a pre-budget tour package worth C$2.4 billion, or about US$1.8 billion, in Montreal, and it is expected to increase financing for Canada’s artificial intelligence (AI) sector.

According to reports, the bulk of the C$2 billion package would deal with computing capacity and technological infrastructure with the goal of accelerating the work of AI researchers, start-ups, and other enterprises. The budget for Canada is also expected to be presented on April 16.

The announcement stated that more funding would be provided to hasten the application of AI in industries including healthcare and agriculture.

Trudeau claims the money will help realize AI’s full potential, enabling Canadians, especially the youth, to find well-paying jobs while boosting productivity and the nation’s economy.

According to CBC, Trudeau announced that discussions with companies about a new AI Compute Access Fund and a strategy to advance the industry in Canada would soon start at the federal level.

AI Throughout Canada

According to Trudeau, $200 million would be set aside to accelerate the use of AI in sectors including clean technology, health care, and agriculture.

A $50 million AI safety institution is planned by the government as a countermeasure against what it refers to as advanced or malicious AI systems.

The office of the AI and Data Commissioner would receive an extra $5.1 million to carry out the proposed Artificial Intelligence and Data Act.

The first piece of federal law specifically addressing artificial intelligence is Bill C-27. It would add new obligations to high-impact systems and change privacy regulations.

Global AI Gaming

By investing billions of dollars in their AI industries, the majority of governments across the globe are getting ready for the AI economy. The United States has declared its plans to invest more than $3.3 billion in artificial intelligence in order to address AI regulations and the risks connected with new technology, as well as to develop AI broadly across many federal agencies.

For the responsible development, testing, acquisition, and integration of cutting-edge AI technology across the federal government, many ministries will receive more than $3 billion in funding from the proposed budget.

The Budget also suggests agencies spend an extra $300 million on AI in order to manage significant risks and promote the use of the technology for the good of the public.

Saudi Arabia also intends to make significant investments in the AI industry, putting $40 billion into tech companies that make AI chips, AI data centers, and AI start-ups.

Saudi Arabia’s $40 billion offer was purportedly confirmed by three reliable sources, however they issued a warning that the plans might change. With the anticipated funding, the Middle Eastern nation may become the biggest AI investor globally.

Financiers from leading Silicon Valley venture capital firms are said to have recently met with representatives from Saudi Arabia’s Public Investment Fund to discuss potential collaboration and investment.