Trudeau announces $2.4-billion investment in AI to be included in 2024 budget – CP24

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The upcoming 2024 budget will include a $2.4-billion investment in artificial intelligence (AI), the Trudeau government recently announced.

Speaking to reporters in Montreal on Sunday, Prime Minister Justin Trudeau said that the investment will help harness the full potential of AI by accelerating job growth in Canada’s AI sector while boosting research and business productivity through its adaptation.

“AI has the potential to transform the economy,” he said. “And our potential lies in capitalizing 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.”

The funding will be divided into different measures, with the largest amount going towards Canadian AI researchers, start-ups and industry expansion. There will be $2 billion allocated to this measure, according to a news release on the matter, which will include the launch of the AI Commute Access Fund that will provide near-term support to researchers in the industry.

Additionally, $200 million in funding through regional development agencies will go towards adding new technologies to markets such as agriculture, health care, clean technology and manufacturing. $100 million will be invested into an AI Asset Program that helps small-to-medium sized businesses research, product develop and test work for AI-based solutions. $50 million will be invested into the Sectoral Workforce Solutions Program and another $50 million will go into the creation of a new AI Safety Institute that will focus on the safe development and deployment of AI. Finally, $5.1 million will be allocated for the strengthening and enforcement of the Artificial Intelligence and Data Act, which proposes to guide AI in a positive direction for the safety of Canadians.

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