Heaptalk, Jakarta — Singapore announced its plan to support the development of artificial intelligence (AI) by investing more than $1 billion approximately US$743 million (US$1 equivalent to S$1.3) over the next five years. The government will allocate the budget for AI computing, talent, and industry development.
Deputy Prime Minister Lawrence Wong said that AI is one critical technology. Not only about ChatGPT or large language models, AI includes general-purpose technology such as electricity, internal combustion engines, computers, or the internet. The technology has the potential to transform a wide range of industries and enhance productivity across many existing processes, for example, drug discovery, organizing warehouses, or driving vehicles.
“Singapore is already recognized as a serious player in AI development. We aim to go further – to build new peaks of excellence, and crowd in private sector investments. We have set out the plans to do so in the National AI Strategy 2.0,” stated Wong in his Budget 2024 speech (02/16).
In more detail, part of the investment will be used to secure access to the advanced chips that are crucial to the development and deployment of AI. The government will also work with leading companies in the country and around the world to establish their AI Centres of Excellence in Singapore. Hopefully, the Centres will encourage industry collaboration and innovation as well as boost greater value creation across the whole economy.
Adding to that, the government will assign additional resources to catalyze investments in upgrading the nationwide broadband network. Wong added, “With the additional investments, we aim to enable mass market access to broadband speeds of up to 10 Gigabits per second in the second half of this decade.
The broadband speed is ten times faster than most homes today. Wong hopes that better connectivity infrastructure will be able to support technologies, including AI and immersive media, as these technologies will be more widespread in the future.
