The Singapore government will invest more than $1 billion ($743 million) over the next five years to support the development of artificial intelligence (AI) in the city-state, the country’s Deputy Prime Minister Lawrence Wong announced on Friday. .
He said Singapore was already recognized as a serious player in AI development.
“We aim to go further, forging new pinnacles of excellence and focusing private sector resources along the way. We have set out a plan to do so in our National AI Strategy 2.0. ” he said.
“To support this strategy and further accelerate AI activities, I intend to invest more than $1 billion in AI computing, talent and industrial development over the next five years,” said Mr Wong, who is also Singapore’s finance minister. said in its fiscal year 2024 announcement. Budget statement.
He said part of the investment will be used to ensure Singapore has access to advanced chips, which are critical to the development and deployment of AI.
“We will also work with leading companies in Singapore and around the world to establish AI centers of excellence here. We hope to drive greater value creation,” he added.
“In parallel, we will allocate additional resources to facilitate investment in upgrading the national broadband network,” Wong said.
With additional investment, the government aims to enable mass market access to broadband speeds of up to 10 gigabits per second later this decade.
“This is 10 times faster than the broadband speeds used in most homes today. This will ensure that our connectivity infrastructure can support technologies such as AI and immersive media that will become more prevalent in the future. ” he added.
New national cybersecurity command center established
According to Wong, in today’s world, defense and security apply not only to the physical environment but also to the digital realm.
Fraud, ransomware, data breaches, denial of service, and other cyber threats are becoming increasingly common. The development and deployment of new technologies such as AI and quantum computing will also change the threat landscape. Cyberattacks are increasing in speed, scale, and sophistication.
“We have taken steps to strengthen our cyber defences. We have established a Digital and Intelligence Directorate in the Singapore Armed Forces (SAF). We have improved the coordination of cyber defense operations and collaborated with industry and academia. “We will establish a new National Cyber Security Command Center in the Punggol Digital District to strengthen cybersecurity and foster innovation in cybersecurity,” he said.
It added that this will improve its ability to monitor, detect and adjust defenses against cyber threats.
Outlook for 2024 is mixed
Wong said the outlook for 2024 is mixed.
He said growth in major economies is expected to be resilient, but geopolitical risks remain high.
“Wars are escalating in Europe and the Middle East. These conflicts could escalate dangerously and lead to:
“Disruptions to global energy markets and supply chains,” he noted.
“Fortunately, there are some advantages. Global inflationary pressures are expected to recede further. This will create room for major central banks to take a more accommodative stance, easing financial conditions and “That could support demand.”
He said the global electronics industry is expected to recover. This will foster growth in many regional economies, including Singapore’s major trading partners.
“Asia continues to be a key driver of global growth, with opportunities extending not only to China but also to India and much of Southeast Asia,” he said.
“Overall, we are cautiously optimistic that 2024 will be a better year. In addition to lower inflation, we also expect GDP growth to increase from 1.0% to 3.0%.” , warned that there was considerable uncertainty in the outlook and risks were tilted to the downside.
Featured photo credit: Lawrence Wong’s Facebook page
Budget 2024: Malaysian federal government plans to adopt EVs as official vehicles