Singapore’s Deputy Prime Minister Lawrence Wong said that the government will invest more than S$1 billion ($743 million) in artificial intelligence over the next five years, writes CNBC.

As part of this investment, Singapore will work to provide companies with the necessary access to advanced chips needed to develop artificial intelligence.

The government will also work with leading companies in the country and around the world to create centers of excellence for AI to spur innovation.

“Surprisingly, nearly three-quarters of business leaders globally are ill-equipped for AI transformation, believing their preparations are limited by time, people, and money. This initiative will help ensure that businesses can capitalize on the opportunities afforded by technological advancements and capture new opportunities,” said Nithin Chandra, managing partner of Southeast Asia at Kearney.

Back in 2019, Singapore published its first AI development plan – the National AI Strategy. In December 2023, the second version of this plan was presented, which outlined ways to prepare the economy for the use of AI to empower employees and companies.