Betting big on AI, Singapore has revealed a new S$1 billion (~US$742 million) investment into the industry over the next five years.
The initiative was announced by Lawrence Wong, Singapore’s deputy prime minister and minister for finance, during his 2024 budget speech.
Under the plan, the city-state aims to boost its local AI talent pool, secure access to chips crucial for AI tasks, and partner with leading companies to build AI centers.
He asserted that widespread AI integration is key to enhancing productivity across diverse industries, from drug discovery to logistics.
Notably, Singapore also aims to upgrade its nationwide broadband network, targeting speeds of up to 10 gigabits per second by the end of the decade – 10 times faster than what it is today.
The investment builds on Singapore’s revised National AI Strategy, announced in December 2023. In addition to cultivating Singapore’s own pool of AI talent, the national plan also involves bringing in top overseas talent for advanced research and practical applications, among other initiatives.
The city-state is also focusing on Southeast Asia’s first large language model, which will cater to the region’s different cultures and languages.
The project, costing S$70 million (US$52 million), involves collaboration between the Infocomm Media Development Authority, AI Singapore, and the Agency for Science, Technology, and Research.
However, some analysts suggest that Singapore’s AI efforts might benefit from a clearer focus, such as specializing in Southeast Asia-focused language models, rather than attempting to directly compete with broader, more computationally intensive models like GPT-4.
