Singapore to Invest Over $1 Billion in AI to Boost Competitiveness

Singapore to Invest Over $1 Billion in AI to Boost Competitiveness

Key Points:

  • Singapore’s government will invest over $1 billion in AI over the next five years to boost Competitiveness.
  • Google Singapore’s managing director highlights the importance of early adoption of digital innovations for sustained growth.
  • Deputy Prime Minister Lawrence Wong announces investments in AI computing, talent, and industry development.
  • Business leaders express optimism about the planned investment, anticipating it to drive innovation and accelerate business transformation.

Business leaders in Singapore have lauded the government’s plan to invest more than $1 billion over the next five years to enhance the nation’s artificial intelligence (AI) capabilities, recognizing it as a crucial step towards sharpening Singapore’s Competitiveness in the digital age.

According to Mr. Ben King, managing director of Google Singapore, the early adoption of digital innovations is essential for maintaining a competitive edge in a digital economy. He emphasized the significance of the Singapore Budget 2024 in accelerating the adoption of transformative technologies like AI, which will pave the way for sustained growth.

Deputy Prime Minister and Finance Minister Lawrence Wong announced the government’s commitment to invest in AI computing, talent, and industry development during his Budget speech on Feb 16. This investment ensures Singapore’s access to advanced chips critical for AI development and deployment. Additionally, establishing AI centers of excellence in collaboration with leading companies will drive innovation and value creation across the economy.

Singapore’s digital economy, which contributed $106 billion, or 17% of GDP in 2022, is set to benefit from these initiatives, fostering strategic private-public partnerships to support workers’ upskilling and business digitalization efforts.

Google has been actively contributing to this endeavor through initiatives like the Skills Ignition SG program and AI Trailblazers, which are aimed at equipping Singaporeans with digital skills and supporting organizations in developing impactful AI solutions.

Lawrence Wong highlighted the transformative potential of AI across various industries beyond language models, emphasizing its role in enhancing productivity and driving economic growth. Ms. Tay Bee Kheng, president of Cisco Asean, stressed the need for greater investment in AI governance and education to address data privacy, security, and ethical concerns.

Business leaders expressed optimism about Singapore’s planned investment in AI, anticipating it to democratize access to digital technologies, foster innovation, and accelerate business transformation, ensuring Singapore remains at the forefront of the digital revolution.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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