Prime Minister Justin Trudeau revealed on Sunday that the federal government will invest an impressive $2.4 billion to propel the nation into the forefront of the AI and tech industries. This strategic investment is designed to foster job creation, enhance productivity, and ensure that industries across the board have the necessary tools to thrive in the emerging economy.
A significant portion of this investment, $2 billion, is dedicated for expanding access to cutting-edge computing and technological resources. An additional $200 million will be allocated to support AI startups, focusing on accelerating technological advancements in important economic sectors. This initiative reflects a deep commitment to integrating AI technologies into every facet of Canadian society, reinforcing the country's position as a global leader in innovation.
This investment is part of Ottawa’s 2024 budget and signifies the latest effort in a series of actions aimed at reinforcing Canada’s digital infrastructure and AI capabilities. The complete 2024 budget, to be released on April 16, is also expected to announce a legislative framework for ‘open banking’.
ReInvestWealth and the Canadian AI industry celebrate the federal government’s historical announcement and dedication to fostering innovation and creating a more prosperous future through AI. We believe that such investments are critical to developing a dynamic, competitive economy that benefits all Canadians. As an AI Accounting Software Startup, we are excited about the opportunities this new wave of investment will bring to our industry and the broader AI community in Canada.
We thank Scale AI, Canada’s artificial intelligence global innovation cluster, for hosting and welcoming the announcement of the 2024 AI budget.