Canada’s Justin Trudeau announces $1.77 bn investments in AI

Canada catching up on AI: Canadian Prime Minister Justin Trudeau announced that the upcoming budget will incorporate a C$2.4 billion ($1.77 billion) package aimed at boating the country's artificial intelligence (AI) sector, according to the latest news release. 

Outlined in the release are measures including a C$2 billion investment designated to construct and facilitate access to computing capabilities and technological infrastructure for Canada's AI researchers, start-ups, and scale-ups. The budget presentation is scheduled for April 16.

Advance notice before AI investments 

According to a recent report, Canada is set to implement new regulations requiring foreign companies to provide advance notice to the government before making investments or acquisitions in key sectors such as artificial intelligence, quantum computing, and space technology.

The measures aim to enable the government to conduct national security reviews prior to transactions progressing too far. During the review process, potential investors may face restrictions on accessing the targeted companies' user data or other assets.

The report also indicates that the Government of Canada believes that the stricter rules will extend to investments in critical minerals and potentially other sectors.

(With Reuters inputs)