Canada's upcoming budget is reportedly set to boost the country's artificial intelligence (AI) sector's funding with a package worth C$2.4 billion or roughly US$1.8 Billion, unveiled by Prime Minister Justin Trudeau in Montreal on a pre-budget tour.
The majority of the package, worth C$2 Billion, will reportedly relate to computational power and technology infrastructure that aims to speed up the work of AI researchers, start-ups, and other businesses. Canada's budget is likewise scheduled to be tabled on April 16.
(Photo: OLIVIER MORIN/AFP via Getty Images) This illustration picture shows the AI (artificial intelligence) smartphone app ChatGPT surrounded by other AI apps in Vaasa on June 6, 2023.
According to the announcement, additional funding would be granted to accelerate the use of AI in sectors such as agriculture and healthcare.
According to Trudeau, the funds will help unlock AI's full potential, allowing Canadians, particularly young Canadians, to obtain well-paying employment while increasing Canada's productivity and strengthening its economy.
As per CBC, Trudeau stated that the federal government would soon begin talking with businesses on a new AI Compute Access Fund and a supporting plan to grow the sector in Canada.
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AI in All of Canada
Trudeau adds that $200 million will be allocated to increasing the adoption of AI in industries such as agriculture, health care, and clean technology.
The government intends to establish a $50 million AI safety institution to defend against what it terms sophisticated or malevolent AI systems.
An additional $5.1 million will be allocated to the office of the AI and Data Commissioner to implement the planned Artificial Intelligence and Data Act.
Bill C-27 is the first federal legislation particularly addressing artificial intelligence. It would amend privacy rules and impose additional duties on high-impact systems.
Worldwide Bet on AI
Most governments worldwide are preparing for the AI economy by spending billions of dollars on their AI sectors. The United States has announced intentions to invest more than $3.3 billion in artificial intelligence to develop it widely across numerous federal agencies and address AI laws and the hazards associated with new technology.
The proposed budget allocates more than $3 billion to several departments for the responsible development, testing, purchase, and integration of groundbreaking AI technologies across the federal government.
The Budget also recommends agencies invest an additional $300 million in AI to handle serious risks and encourage the technology's deployment for public benefit.
Saudi Arabia also plans to invest heavily in the AI economy, allocating $40 billion to technology businesses such as AI start-ups, AI chip producers, and AI data centers.
Three informed sources allegedly verified Saudi Arabia's $40 billion proposal but cautioned that the plans may alter. The expected finances can potentially make the Middle Eastern country the world's largest AI investor.
Recently, officials from Saudi Arabia's Public Investment Fund allegedly met with financiers from top venture capital companies in Silicon Valley to discuss a prospective relationship and investment.
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