Canada is set to extend financial backing to assist artificial intelligence (AI) companies in expanding their operations. The country is also contemplating taking equity stakes in promising domestic AI enterprises to foster the growth of 'national champions.' Prime Minister Mark Carney's administration has unveiled a strategy designed to encourage the broad adoption of AI technologies across various industries and government sectors, while simultaneously bolstering risk mitigation efforts. The objective is to elevate the percentage of Canadian companies utilizing AI tools from the present 12% to 60% by 2034.

To realize this ambition, the government will earmark billions of Canadian dollars to facilitate the adoption and commercialization of AI technologies, as well as to augment sovereign computing capabilities. This includes the creation of a C$500 million 'Canada Tech Growth Fund' to provide support to startups. The AI strategy specifically targets sectors such as healthcare and life sciences, energy and natural resources, transportation, agriculture, manufacturing, and robotics.

It also outlines economic goals, aiming to generate 250,000 new jobs and spur a 3% increase in GDP by 2031. Furthermore, the government intends to elevate AI literacy in educational institutions and ensure that all university and college students have access to AI agents.

On Thursday, the government committed to introducing new legislation aimed at safeguarding citizens' privacy and security, and shielding consumers from the impacts of 'surveillance pricing.'