Singapore has announced a major investment in artificial intelligence (AI), with more than $1 billion earmarked over the next five years to propel the city-state to new heights in AI development.
Deputy Prime Minister Lawrence Wong, who also serves as the Minister for Finance, unveiled the initiative during the presentation of Singapore’s FY2024 Budget Statement, emphasizing the country’s ambition to enhance its stature as a leading AI hub.
The National AI Strategy 2.0, according to Wong, outlines the path to not only bolster Singapore’s capabilities but also to attract private sector investment in the AI domain.
This substantial funding is allocated to AI compute resources, talent cultivation, and industry development, aiming to secure Singapore’s access to advanced semiconductor technologies essential for AI progress.
A significant portion of the investment will support the establishment of AI Centers of Excellence in collaboration with top global and local companies. These centers are expected to foster industry collaboration, innovation, and broader economic value creation.
Concurrently, Wong announced plans to upgrade the Nationwide Broadband Network, boosting broadband speeds up to 10 Gigabits per second to facilitate emerging technologies like AI and immersive media.
Addressing cybersecurity in the digital age, Wong revealed plans for a new National Cybersecurity Command Center to be situated in the Punggol Digital District.
This initiative aims to enhance Singapore’s cyber defense capabilities in response to evolving threats amplified by AI and quantum computing advancements.
Looking ahead, Wong provided a mixed economic outlook for 2024, citing persistent geopolitical risks alongside positive signs such as easing global inflation and a potential recovery in the global electronics sector.
He projected a cautious yet optimistic GDP growth forecast of 1.0 percent to 3.0 percent, highlighting the uncertainties and downside risks facing the global and regional economy.
This strategic investment and focus on cybersecurity underscore Singapore’s commitment to leading in the digital era, positioning the nation at the forefront of AI innovation and digital defense.
