Trudeau Earmarks C$2.4 Billion for Canadian AI Innovation in 2024 Budget

The Canadian government has announced plans to inject C$2.4 billion into artificial intelligence (AI) innovation.

Prime Minister Justin Trudeau unveiled the package as part of the country’s 2024 budget, saying the focus is on accelerating job growth in Canada's AI sector by boosting productivity and ensuring responsible AI use and adoption.

"AI has the potential to transform the economy. And our potential lies in capitalizing on the undeniable Canadian advantage," he said. "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.”

“This announcement is a major investment in our future, in the future of workers, in making sure that every industry, and every generation, has the tools to succeed and prosper in the economy of tomorrow," added Trudeau.

Canada's AI investment will aim to support the development and accessibility of cutting-edge computing capabilities and technological infrastructure for AI researchers, startups and scale-ups.

Additionally, a new AI Compute Access Fund and a Canadian AI Sovereign Compute Strategy will be established to further catalyze AI infrastructure development within the country.

Under the initiative, C$200 million will be directed toward supporting AI startups and accelerating AI adoption in critical sectors such as agriculture, cleantech, healthcare and manufacturing through Canada's Regional Development Agencies.

The National Research Council's Industrial Research Assistance Program will receive C$100 million to assist small- and medium-sized enterprises in scaling up and enhancing productivity by integrating AI solutions into their operations.

Another C$50 million will be allocated to the Sectoral Workforce Solutions Program to provide skills training for workers in sectors potentially impacted by AI advancements, ensuring a smooth transition and enhanced employability.

The establishment of a Canadian AI Safety Institute, supported by C$50 million in funding, will focus on the safe development and deployment of AI technologies, addressing potential risks and fostering international collaboration.

To strengthen enforcement of AI-related regulations, the Office of the AI and Data Commissioner will receive C$5.1 million to ensure responsible AI adoption by Canadian businesses.

"This financial commitment is a strong signal of Canada's vision to propel AI. We are convinced that this investment will catalyze productivity, innovation and sustainable economic growth in our country," commented SCALE AI CEO Julien Billot, praising the steps the government is taking to increase Canada’s competitive edge in the field.

Don't forget to follow us @INN_Technology for real-time updates!

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.