Canada Invests in the AI Sector with US$1.8 Billion Funding

The reports say that Canada invests in the AI sector with US$1.8 billion in funding. Prime Minister Justin Trudeau announced this during a pre-budget tour in Montreal.

The main part of the package, which is worth C$2 billion, is said to be computing power and technology infrastructure that will help AI researchers, start-ups, and other companies work faster. Canada’s budget is also set to be presented on April 16.

The statement said that more money would be given to speed up the use of AI in areas like healthcare and agriculture.

Trudeau says that the funds will help AI reach its full potential, which will create well-paying jobs for Canadians, especially young Canadians, while also making Canada more productive and improving its economy.

Trudeau told CBC that the federal government would soon start talking with businesses about a new AI Compute Access Fund and a plan to help the sector grow in Canada.

AI in All of Canada

Additionally, Trudeau says that $200 million will be used to help more fields use AI, like farming, health care, and smart technology.

The government wants to build a $50 million AI safety center to protect against what it calls “sophisticated or malicious AI systems.”

The office of the AI and Data Commissioner will get an extra $5.1 million to help put the planned Artificial Intelligence and Data Act into action.

It is the first government law that specifically deals with artificial intelligence (Bill C-27). It would change the rules about privacy and give high-impact programs more responsibilities.

Worldwide Bet on AI

Governments across the globe are allocating billions of dollars to develop their AI industries in preparation for the AI economy. The United States has declared its plans to allocate over $3.3 billion toward the advancement of artificial intelligence and to implement it extensively across several federal departments. This investment will also be utilized to address the legal aspects and potential risks involved with this emerging technology.

The proposed budget designates almost $3 billion to multiple agencies for the responsible advancement, experimentation, acquisition, and incorporation of innovative AI technology throughout the federal government.

The budget proposes that agencies allocate an extra $300 million towards the advancement of AI to address significant dangers and promote the widespread use of this technology to the public’s advantage.

Saudi Arabia intends to make significant investments in the AI industry, earmarking $40 billion for technological enterprises including AI start-ups, AI chip manufacturers, and AI data centers.

According to three reliable sources, Saudi Arabia has supposedly put forward a $40 billion proposal, although it is important to note that the plans may change. The projected financial resources have the potential to position the Middle Eastern nation as the foremost investor in artificial intelligence globally.

Officials from Saudi Arabia’s Public Investment Fund reportedly convened with financiers from leading venture capital firms in Silicon Valley to explore a potential partnership and investment opportunity.