TORONTO, June 4 (Reuters) – Canada unveiled a new artificial intelligence strategy on Thursday that it says will help create 250,000 jobs by 2031 and includes a new C$500 million ($360.05 million) tech fund to help homegrown AI firms.
The strategy, called “AI for all”, was announced by Prime Minister Mark Carney as the country’s biggest companies invest heavily to build new tools they hope will rapidly process information and increase Canada’s historically low productivity.
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)
(Reporting by Nivedita Balu in Toronto; Editing by Paul Simao)
