PM Justin Trudeau Declares $1.8 Billion Package for Canadian AI Industry

PM Justin Trudeau
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According to a press release, Canadian Prime Minister Justin Trudeau announced on Sunday that a package of measures valued at C$2.4 billion ($1.77 billion) will be included in the 2018 budget to support the nation’s artificial intelligence (AI) industry.
According to the news release, one of the initiatives is a C$2 billion investment to develop and make computational capabilities and technological infrastructure accessible to Canadian AI researchers, start-ups, and scale-ups. The deadline for presenting Canada’s budget is April 16.
One Canadian dollar is equal to 1.3588.
The potential for artificial intelligence (AI) to change the economy, our way of life, and how we work is enormous. Canada is at the forefront of AI technology, and the world is racing to scale up and use this technology.

We must increase our ambitions for innovation if we are to ensure that we can take advantage of every opportunity in the economy of the future and prepare the next generation for success. And carry it out in a way that benefits everyone. Millennials and Generation Z believe that their efforts aren’t yielding the same results as those of past generations, so we need to make investments in well-paying jobs that will propel them forward. Because these sectors provide some of the highest wages of any industry, we are concentrating on generating additional high-quality jobs, particularly in innovation and technology.
AI is already enabling tremendous economic growth in a number of industries. Many Canadians are already reaping the rewards of working faster and smarter with AI.

Today’s rapid advancements in generative AI will open up enormous economic opportunities for Canada by lowering labor costs and increasing productivity by removing the need for repeated jobs. AI is being used by Canadian businesses and researchers to produce amazing new inventions and employment prospects in every sector of the Canadian economy, including medication development, energy efficiency, and innovative housing. Among all industries, artificial intelligence (AI) jobs grew by over one-third in Canada over the previous year. Moreover, the majority of AI positions pay far more than average.

Leading the globe in AI ecosystem development, commercialization, and safety is Canada. We have the ability to ensure that Canadian ideals and concepts contribute to the development of this highly sought-after technology worldwide.

Canada invested nearly $2 billion since 2017 to support AI and digital research and innovation, and it was the first government in the world to introduce a national AI plan. Since then, nations have started to devote a large amount of resources and time to AI in an attempt to boost their economy, especially in the area of computing infrastructure. We must raise the standard if we want to keep Canada’s economic advantage and provide generations of young Canadians with stable, well-paying jobs.

In order to maintain Canada’s competitive advantage in AI, Prime Minister Justin Trudeau today unveiled a $2.4 billion package of initiatives from the upcoming Budget 2024. By assisting businesses and researchers in developing and implementing AI, these investments will increase productivity and ensure that it is done properly. They will also hasten the rise of jobs in Canada’s AI sector and beyond.

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