Synopsis
Canada has unveiled a new artificial intelligence strategy. This plan aims to create 250,000 jobs by 2031. A new C$500 million tech fund will support homegrown AI firms. The government expects this strategy to boost the country's GDP by 3%. This initiative will also help small and medium-sized businesses access AI tools. New consumer privacy legislation is also planned.Listen to this article in summarized format
Here are some takeaways from the strategy unveiled by Carney in Toronto:
The government expects the strategy to increase the country's gross domestic product by 3%, unlocking nearly C$200 billion as commercialization and use of AI in key sectors increases labor productivity. Canada's digital sector currently employs about 800,000 workers and contributes more than C$140 billion to GDP, with 150,000 jobs directly associated with AI.
Canada will establish a C$500 million Canadian Tech Growth Fund to help close the capital gap at Canadian AI companies versus U.S. tech giants. The fund will also enable the federal government to take equity stakes in Canadian AI firms.
The government will use a C$500 million initiative from the Business Development Bank of Canada to finance access to AI tools for Canadian small and medium-sized enterprises.
Canada reiterated plans to introduce new consumer privacy legislation to safeguard children's information and online activities, combat deep fakes and strengthen consumers' control over personal data. The government will also invest C$50 million to track emerging AI risks and conduct transparent evaluations of AI models. However, no timeline on the implementation of these regulations was disclosed.
($1 = 1.3887 Canadian dollars)
