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In February, Singapore announced plans to invest over USD 743 million (S$1 billion) in AI over the upcoming five years, a move that could bolster the country's innovation hub and economy. Singapore aims to secure chips for AI development, build AI centers of excellence, and support innovation growth in this field.
Singapore says that city-state businesses could take advantage of the investment to welcome AI and technological advancements. Businesses can also use the investments to prioritize AI workforce skills, implement AI solutions, and form strategic partnerships.
The government also plans to invest $15 million (S$20 million) over the next three years in SG Digital scholarships for its students who want to work in the AI field. This is for undergraduate, master's, and PhD courses in top universities. To support AI growth, it will level up and triple the workforce to over 15,000 over five years. Students can then find work in this field once they graduate. Internships allow students to gain industry exposure and apply their knowledge/skills to solve real-world problems.
Some of the funds are reserved for inviting professors to drive AI research and train students over five years. Tan Wu Meng, a member of the Singapore Parliament, said that its citizens aged 40+ will receive payments from the government to return to school since jobs are becoming outdated due to AI.
"Even if an entire country tries to prevent AI from entering its borders, other economies will do so. Your competitors will do so. So, we have to accept the world as it is and look after, support, empower, and uplift our people. This is why the new subsidy for Singaporeans age 40 and above to pursue another full-time diploma in higher education," he said. "It recognized that in a world that's changing so quickly, what you learn in school at age 20 may have changed, been replaced by a new world. By the time you're age 40, it recognizes that change and supports middle-aged and older workers."
Meanwhile, $375 million (S$500 million) will be allocated to obtain and lease GPUs and other chips from global suppliers. These GPUs serve a crucial purpose in developing AI applications, so Singapore businesses need access to high-performance computing.
Singapore is also supporting small and medium enterprises (SMEs) that want to adopt AI through consultation, subsidies, and other services. This will be done through Infocomm Media Development Authority (IMDA) SME's Go Digital Program.
"Currently, for enterprises that are ready to experiment with and deploy more advanced digital solutions, the government has put in place enablers to support them. Various initiatives have been developed to make Generative AI (GenAI) more accessible to SMEs to unlock productivity gains. For example, enterprises looking to experiment with GenAI can gain experience with curated GenAI solutions on the GenAI Sandbox for SMEs," Smart Nation Singapore wrote.
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