Singapore is committing over $1 billion in the next five years to bolster artificial intelligence (AI) development, encompassing investments in AI compute, talent, and industry initiatives. The announcement, made by Deputy Prime Minister Lawrence Wong during the Budget 2024 speech on Feb 16, underscores the city-state’s recognition of AI as a crucial driver for sustained growth. A portion of the investment aims to address the global shortage of AI chips by securing access to advanced chip technologies for AI development and deployment. The scarcity of such chips poses challenges to the scaling of AI projects and widespread adoption.
Singapore plans to collaborate with leading companies, both local and international, to establish their AI centers of excellence within the city-state. This strategic move aims to foster industry collaboration, innovation, and value creation across the economy. Google, among the companies working with the Singapore government on the National AI Strategy, welcomes the initiative, emphasizing the need for collaborative leadership between the government, private sector, and the broader ecosystem to unlock AI’s potential.
Recognizing the critical role of a robust network for AI, Singapore will allocate additional resources to upgrade its nationwide broadband network. The upgraded network, expected to be completed in the second half of the decade, will offer broadband speeds of up to 10 Gigabits per second, representing a tenfold increase over current home speeds. This enhancement will serve as a robust backbone for the pervasive use of emerging technologies, including AI and immersive media.
Deputy Prime Minister Lawrence Wong highlights the importance of these investments in ensuring Singapore’s leadership in the digital economy and harnessing the transformative power of AI. The comprehensive approach involves not only infrastructure development but also strategic partnerships and talent development to position Singapore at the forefront of AI innovation.
