Our theme for Budget 2024 is fairness for every generation. To drive the kind of growth that will move the needle for Canadians, particularly for young Canadians like Millennials and Gen Z, we need to make strategic investments that will create jobs, enhance productivity and maintain our position as a world leader in technology sectors. We need to make strategic investments that will empower entrepreneurs, small businesses and Canadian workers, the best workers in the world. That’s why we’re investing deliberately in AI.

This morning, I met with AI start-ups, who are making incredible progress with their clients, major clients like the Port of Montreal, Pomerleau, Canam, and several others who want to boost their performance even more. For example, AI has helped Grues Guay create a system allowing them to be more effective when it comes to assigning the right equipment to the right teams for the right projects. For a company with the largest fleet of cranes in Canada, it is a tool that makes all the difference.

So today, I am announcing that our upcoming budget will include measures to create good jobs in our AI sector and to boost productivity by helping businesses adopt AI with an investment of $2.4 billion.

(Applause)

Today, I am very happy to announce that our budget will include an investment of $2.4 billion to create good jobs in our AI sector and to help companies adopt this technology. Our measures will encompass three main categories: improving and expanding our infrastructure and our computing capabilities, encouraging the adoption of AI and protecting workers, and ensuring the safe and responsible development of AI. I know that there are many fears with regard to AI around the world, but I also know that the values and the approach we have here in Canada must create these solutions that will become known around the world to ensure that AI serves humanity.

First, to provide access to world-leading computing capabilities here in Canada, we will invest $2 billion to launch a new AI Compute Access Fund and a new Canadian AI Sovereign Compute Strategy. Access to computational power and capital are two of the largest barriers to developing new AI models or applications. Compute power may seem abstract, but think of it as the tools available at a construction site. Just as more advanced tools allow workers to build faster, smarter and with greater precision, increased compute power enables AI systems to construct more sophisticated applications and solutions. Whether it’s for developing a new vaccine, synchronizing a city’s public transit system, or empowering you to do even more, more easily in your job, these investments are going to be a game changer. This is about having the technological infrastructure we need to power our ambitions and support our AI researchers, innovators and start-ups.

Second, we want to help companies adopt AI in a way that will have positive impacts for everyone. To do that, we will invest $200 million through regional development agencies to boost the adoption of AI in critical sectors such as agriculture, healthcare and manufacturing, $100 million in the AI Assist Program to help small- and medium-size enterprises scale up and increase productivity by developing and deploying new AI solutions, and $50 million to provide training to workers who may be disrupted by AI. For example, to give new tools to workers in creative industries.

And third, we will provide an investment of $50 million to create an AI Safety Institute of Canada. We will work with experts and people in the industry to ensure that the technology remains safe. We will ensure that we are responsible, fully understand the risks, and always make the wellbeing of Canadians and our workers our top priority.

You know, this week, I have talked a lot about housing construction and what we can do to build more, build better, and build faster. But today is kind of like that, because our investments in AI will help us build a better a future, a future where we are even more efficient and productive.

AI will help us build a fairer future with more jobs, more growth and even more homes. That’s what we’re focused on: fairness for every generation.