Singapore’s commitment to investing over $743 million in artificial intelligence (AI) over the next five years is seen by tech executives as a significant step towards reinforcing its status as a global hub for business and innovation. In his Budget announcement, Deputy Prime Minister Lawrence Wong highlighted the investment aimed at enhancing the country’s AI capabilities in his budget speech on Friday. Experts from the industry noted that a majority of business leaders worldwide feel unprepared for AI transformation, constrained by resources like time, people, and money. They believe Singapore’s initiative will enable businesses to leverage technological advancements and explore new opportunities.
As part of the investment, Singapore will work to ensure it can secure access to the advanced chips “that are so crucial to AI development and deployment,” Wong said.
The plan includes collaborations with leading companies to establish AI centers of excellence to foster innovation. This move is expected to motivate companies to integrate AI solutions, focus on AI skills for workforce competitiveness, and promote strategic partnerships and knowledge sharing, thus driving innovation. According to a LinkedIn report, Singaporean workers are already leading in adopting AI skills.
Experts emphasized the importance of Singapore’s increased focus and investment in AI for maintaining its edge as a business and innovation hub. The country’s early adoption of an AI strategy and the recent launch of National AI Strategy 2.0 were highlighted as steps towards preparing the economy to benefit from AI, enhancing workforce capabilities, and supporting businesses.
The significance of AI and machine learning (ML) in ensuring Singapore’s technological leadership and its attractiveness as a hub for businesses and talent in a digital global landscape was also mentioned. Singapore’s potential as a global AI hub is supported by an innovative environment.
On the AI governance front, Singapore introduced AI Verify in May 2022, the world’s first AI governance testing framework and software toolkit, enabling users to test their AI models and ensure responsible use. Major tech companies like Google, Meta, and Microsoft have engaged with the AI Verify tool. The allocation of funds towards AI, including the implementation of National AI Strategy 2.0, reflects the government’s dedication to building a trusted and responsible AI ecosystem, with a focus on data security and the ethical use of technology.
Featured image: Credit: govsg
