Singapore intends to invest over S$1 billion (approximately US$786 million) over the next five years to fund public artificial intelligence research, accelerating the development of its domestic AI industry.

Speaking at an industry event in the country on Saturday, Singapore's Minister for Communications and Information, Josephine Teo, stated that the government's move aims to consolidate its position as an AI research hub through strategic investment. The funding will be used to establish research centers, enhance AI capabilities, and cultivate the nation's talent pool.

"Research is a key enabler of our work in AI, helping to elevate the country's deep technical expertise and ensuring Singapore remains at the forefront of AI innovation," the minister's department said in a statement.