Canadian Prime Minister Mark Carney announced Wednesday the establishment of a technology growth fund worth hundreds of billions of won to develop the country's AI industry. [Reuters]
Canadian Prime Minister Mark Carney announced Wednesday the establishment of a technology growth fund worth hundreds of billions of won to develop the country's AI industry. [Reuters]

Canada plans to establish a technology growth fund worth roughly 500 billion won (approximately $327 million) to develop its AI industry.

Prime Minister Mark Carney unveiled the initiative Wednesday in Toronto as part of a national strategy called "AI for Everyone," announcing a 500 million Canadian dollar (about 550 billion won) fund to support the growth of Canadian AI companies. The fund aims to help close the capital gap between Canadian AI firms and major American technology companies. The government indicated it may also use the fund to acquire stakes in promising domestic AI companies, similar to how the current US administration has taken equity positions in technology firms it has backed.

Carney pledged that government-led AI development would create 250,000 jobs and push the growth rate to 3 percent by 2031, a span of roughly five years.

The national AI strategy covers measures to protect citizens from the risks and potential harms of AI, initiatives to strengthen the public's capacity to use the technology and benefit from it, and plans to build out Canada's computing, data, talent and infrastructure base.

Unveiling the strategy, Carney said, "AI is already here. The question is whether it will improve the lives of all Canadians, or only benefit a few."


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