Canada unveils $2.75b fund to boost AI sector

The news: Canadian Prime Minister Justin Trudeau announced plans to launch a fund to strengthen the country’s artificial intelligence sector.

The numbers: The majority of the C$2.4 billion ($2.75 billion) package announced on Sunday will see C$2 billion allocated toward computing capabilities and technological infrastructure for the country’s AI researchers, start-ups, and scale-ups. The remaining C$400 million invested to accelerate AI adoption across critical sectors, support workers who may be impacted by AI, and to create a Canadian AI Safety Institute.

The context: Trudeau made the announcement in Montreal on Sunday as part of a pre-budget tour, as his government continues to roll out its spending plans ahead of a new budget which is due to be released in mid-April.

What they said: Trudeau stated: “AI has the potential to transform the economy. And our potential lies in capitalising on the undeniable Canadian advantage. These investments in Budget 2024 will help harness the full potential of AI so Canadians, and especially young Canadians, can get good-paying jobs while raising our productivity, and growing our economy.”