Trudeau announces $1.8B package to level up AI sector of Canada.

Canada is launching to fund to advance AI technology support the development of small AI companies, and establish a new institute to ensure AI security. To ensure that Canada maintains its lead in AI, they are investing $1.76 billion, or 2.4 billion Canadian dollars, from their federal budget into this.

A new set of initiatives unveiled by the government to “maintain Canada’s lead in AI.” These initiatives include funding AI-related startups, medium-sized businesses, and research organizations.

In an April 7 statement, Canadian Prime Minister Justin Trudeau said that “the rapid advance of generative AI today will unlock immense economic potential for Canada, significantly improving productivity and reducing the time workers have to spend on repetitive tasks.”

Canada’s AI Investment Package

 The package includes $1.47 billion in funding for computing capabilities and other AI-related infrastructure through the country’s new AI Compute Access Fund, which will benefit the country’s leading AI researchers and businesses.

In order to increase efficiency, small and medium-sized AI scale-up enterprises will receive $73.5 million, while $147 million will go toward supporting AI startups in the clean technology, manufacturing, agricultural, and healthcare sectors.

“This will create good-paying opportunities for every generation, boost innovation across the economy, raise productivity, and accelerate economic growth.”

Advancements, Workforce Support, and Safety Measures

Trudeau pointed out that the nation has already benefited greatly from AI in several areas, including medication development, energy efficiency, and innovative housing. The fund will also help workers who might affected by the AI growth; under Canada’s Sectoral Workforce Solutions Program, workers can receive up to $36.8 million for retraining and reskilling in a variety of industries.

According to a new analysis from consulting firm CVL Economics, workers in the film and animation industries are most in danger of losing their employment to generative AI. The Canadian AI Safety Institute will established with the remaining $36.8 million to promote the safe creation and utilization of AI.

With the launch of the Pan-Canadian Artificial Intelligence Strategy in 2017, Canada asserts that it was the first nation in the world to adopt a national AI strategy, to promote AI adoption through research and commercialization.

Statistica data indicates that the AI market in Canada is now valued at approximately $7.4 billion, whereas the market in the United States is valued at approximately $106 billion.

There have also apparently made efforts made by Canada as part of its AI strategy to hire several up-and-coming AI companies from the European Union. Tenstorrent, one of Canada’s top AI startups, joined forces with South Korean manufacturing giant Samsung in October of last year to assist in “bringing the next generation of AI chiplets to market.”