Canada Unveils Artificial Intelligence Strategy to Boost Economy and Create Jobs
- tech360.tv
- 2 hours ago
- 2 min read
Canada announced a new artificial intelligence strategy that it says will help create 250,000 jobs by 2031.
The strategy includes a new 500 million CAD tech fund to help homegrown artificial intelligence firms.
Prime Minister Mark Carney announced the strategy, called Artificial Intelligence for All, in Toronto.
The announcement comes as the biggest companies in the country invest heavily to build new tools they hope will rapidly process information and increase the historically low productivity of Canada.
The government expects the strategy to increase the gross domestic product of the country by 3%, unlocking nearly 200 billion CAD as commercialisation and use of artificial intelligence in key sectors increases labour productivity.
The digital sector of Canada currently employs about 800,000 workers and contributes more than 140 billion CAD to the gross domestic product, with 150,000 jobs directly associated with artificial intelligence.
Canada will establish a 500 million CAD Canadian Tech Growth Fund to help close the capital gap at Canadian artificial intelligence companies versus United States tech giants.
The fund will also enable the federal government to take equity stakes in Canadian artificial intelligence firms.
The government will use a 500 million CAD initiative from the Business Development Bank of Canada to finance access to artificial intelligence tools for Canadian small and medium-sized enterprises.
Canada reiterated plans to introduce new consumer privacy legislation to safeguard the information of children, safeguard online activities, combat deep fakes, and strengthen the control of consumers over personal data.
The government will also invest 50 million CAD to track emerging artificial intelligence risks, and conduct transparent evaluations of artificial intelligence models.
No timeline on the implementation of these regulations was disclosed.
Canada announced an artificial intelligence strategy called Artificial Intelligence for All that aims to create 250,000 jobs by 2031 and boost the gross domestic product by 3%.
Prime Minister Mark Carney announced the plan in Toronto, which intends to address low productivity and unlock nearly 200 billion CAD.
The strategy establishes a 500 million CAD Canadian Tech Growth Fund to help domestic firms compete with United States tech giants and allow the government to take equity stakes.
Source: REUTERS
