Iceland’s Ministry of Universities, Industry and Innovation has released its draft Artificial Intelligence Action Plan for 2024–2026, aiming to position Iceland as a global leader in the responsible use of AI. This comprehensive strategy, now open for public consultation, outlines 25 targeted actions across five key sectors, with the potential to transform Iceland’s economy, public services, and workforce.
The action plan builds on the Icelandic government’s 2021 AI policy and incorporates findings from a joint report by the Ministry and Statistics Iceland. This report highlights the significant economic opportunities AI presents, projecting annual GDP growth between 0.8% and 6% by 2029, depending on the speed and scale of AI adoption. Such growth could add between ISK 174 billion and ISK 1.45 trillion to the economy.
Central to the plan is the vision of leveraging Iceland’s small population as an advantage, enabling the country to serve as a model for responsible and inclusive AI integration. The plan emphasizes AI’s potential to create opportunities, drive prosperity, and enhance quality of life for all Icelandic citizens.
The plan is organized into five chapters, each targeting a critical area of development:
- AI for All: Ensuring equitable access to AI tools and benefits across society.
- Competitive Business Landscape: Empowering Icelandic industries to innovate and compete globally with AI.
- Modernized Education: Preparing the workforce through updated curricula and training programs.
- Efficient Public Services: Streamlining government functions and improving citizen experiences through AI integration.
- Future-Ready Healthcare: Enhancing healthcare delivery with AI-driven diagnostics and patient care.
The report notes that AI could significantly impact Iceland’s workforce, with 55% of jobs expected to undergo changes due to automation. Public employees alone could save 30% of their time through AI tools, potentially reallocating efforts to more complex tasks. However, achieving these benefits requires addressing key challenges, including workforce education, ethical concerns, data security, and infrastructure development.
As the consultation process begins, stakeholders are invited to review the draft plan and submit feedback by November 21. Public input will be critical in shaping the final version of the plan, ensuring it aligns with Iceland’s values of inclusivity, transparency, and sustainability.
Need Help?
With every day comes a new AI regulation or bill, and you might have questions and concerns about how it will impact you. Don’t hesitate to reach out to BABL AI. Their Audit Experts are ready to provide valuable assistance.
