Canada’s new AI strategy targets 250,000 jobs by 2031

Canada unveiled a new artificial intelligence (AI) strategy to boost its GDP in the latest technology push amid rising inflation.

Canadian Prime Minister Mark Carney announced a new AI strategy on Thursday that he 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" announced by 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.

Key takeaways from Canada's new AI strategy:

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 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.

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 also 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.