Yahoo Finance Singapore to invest over $1 billion in AI over the next five years: Budget 2024
It will also upgrade the national broadband network to ensure that it can effectively support AI development and deployment.
Recognising that artificial intelligence (AI) will be a key driver of continued growth, Singapore will invest more than $1 billion over the next five years for AI compute, talent and industry development. This was announced by Deputy Prime Minister Lawrence Wong in his Budget 2024 speech on Feb 16.
Part of the investment will include securing access to advanced chips for AI development and deployment. This is vital as there is currently a global shortage of AI chips, which can hinder AI projects from scaling up or the mass adoption of AI.
The city-state will also work with leading companies locally and internationally to set up their AI centres of excellence here. "[The move aims to] spur industry collaboration and innovation, and drive greater value creation across the entire economy," says Wong.
Google is among the companies that have been working with the Singapore government to advance the republic’s National AI Strategy. Commenting on this announcement, Ben King, managing director of Google Singapore, says: "The Singapore Budget 2024 has unveiled support that will set the pace as Singapore continues to accelerate with the help of transformative technologies like AI. We understand that guiding AI's immense potential will require collaborative leadership from the government, the private sector, and the broader ecosystem."
He continues: "Strategic private-public partnerships are able to complement the government’s initiatives in supporting workers upskilling and business digitalisation efforts. This is what we have set out to achieve through tailored-for-Singapore initiatives such as the Skills Ignition SG (SISG) programme which has helped Singaporeans acquire digital skills for new career possibilities, as well as AI Trailblazers which has supported 84 organisations in developing impactful generative AI solutions in Singapore."
Since AI requires a fast and robust network, Singapore will also put in more resources to upgrade its nationwide broadband network, says Wong. When completed in the second half of the decade, the upgraded network will be able to offer broadband speeds of up to 10 Gigabits per second, which is 10 times faster than the speeds in most homes today. This will provide a strong and effective backbone for the (pervasive) use of emerging technologies, like AI and immersive media.
Read more about the Budget 2024 on The Edge Singapore.
Infographic: Singapore's Ministry of Finance
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