Salesforce Inc (NYSE:CRM, ETR:FOO) has unveiled plans to invest $1 billion in Singapore over the next five years to boost the adoption of its AI product Agentforce.
The investment, announced on Wednesday, aims to accelerate Singapore's digital transformation. Salesforce said Agentforce can assist Singapore in expanding its labor force amid demographic challenges, including an aging population.
The funding will support Salesforce's AI Research hub in Singapore.
As part of this initiative, Salesforce has announced a partnership with Singapore Airlines to co-develop AI solutions for the airline industry.
“We have had a fantastic experience here [in Singapore],” Salesforce CEO Marc Benioff told CNBC.
“We don’t just do sales and marketing here. We also do extremely advanced artificial intelligence development. We have dozens of some of the very best AI engineers in the world here in our Singapore research center.”
Shares of Salesforce traded up 1.5% at about $281 in early trade on Wednesday.