LONDON (Reuters) - Britain announced on Thursday a 1 billion pound ($1.4 billion) joint investment in the artificial intelligence (AI) industry to capitalize on what the government sees as a competitive advantage in the sector as it prepares for life after Brexit. The deal is the latest in a series of targeted public-private investment pacts in the government's industrial strategy that aims to modernize Britain's economy and address decades of regional and industrial decline. "It's evident that Britain is a place that people want to come to for AI," business minister Greg Clark told Reuters during a visit to a facility in London that nurtures early-stage tech businesses from across the world. "We have a position of strength that we want to capitalize on because if we don't build on it the other countries around the world would steal a march." Governments worldwide are plowing cash AI to keep up with international rivals and seeking to harness its power to transform industries from transport to agriculture.

LONDON (Reuters) - Britain announced on Thursday a 1 billion pound ($1.4 billion) joint investment in the artificial intelligence (AI) industry to capitalize on what the government sees as a competitive advantage in the sector as it prepares for life after Brexit. The deal is the latest in a series of targeted public-private investment pacts in the government's industrial strategy that aims to modernize Britain's economy and address decades of regional and industrial decline. "It's evident that Britain is a place that people want to come to for AI," business minister Greg Clark told Reuters during a visit to a facility in London that nurtures early-stage tech businesses from across the world. "We have a position of strength that we want to capitalize on because if we don't build on it the other countries around the world would steal a march." Governments worldwide are plowing cash AI to keep up with international rivals and seeking to harness its power to transform industries from transport to agriculture.

Those funds will be matched by more than 300 million pounds of public funding, on top of an existing 400 million pound budget. The funds will be spent on teacher training, research and developing regional technology hubs to explore how AI can be used in industries such as law and insurance.