Canada has taken a major step towards strengthening its artificial intelligence (AI) sector with a $1.76 billion (CAD$2.4 billion) federal investment.
The move is aimed at maintaining the country's "competitive advantage" in the fast-growing #AI sector.
A number of new initiatives have been announced to support AI-related startups, mid-sized companies and research institutes to "ensure Canada's dominance in artificial intelligence.
Canadian #Prime Minister Justin Trudeau highlighted the transformative potential of generative AI, emphasizing that it could bring significant economic benefits to Canada, increase productivity and reduce the need for workers to perform monotonous tasks.
"Today's rapid development of generative AI will unlock tremendous economic potential for Canada, significantly increase productivity and reduce the time workers spend on repetitive tasks," President Trudeau said on Oct. 7.
The funding package includes a $1.47 billion investment to expand computing capacity and other AI-related infrastructure through the new AI Computing Access Fund.
This initiative aims to support leading AI researchers and startups.
In addition, $147 million will be awarded to AI startups in agriculture, clean technology, healthcare and manufacturing.
In addition, $73.5 million is allocated to help small and medium-sized AI companies improve their productivity.
Prime Minister Trudeau also recognized the role of technology in driving innovation, productivity and economic growth, noting the positive impact of AI in areas such as drug discovery, energy efficiency and housing innovation.
In addition, a portion of the fund is intended to address the challenges associated with the reshaping of the workforce due to the emergence of AI. Up to $36.8 million has been allocated to retrain and reskill workers in various sectors of the economy under Canada's Sectoral Workforce Solutions Program.
The Canadian AI market size is about $ 7.
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