Ottawa to Invest $50 Million to Relaunch Forestry Industry in Quebec
Posted on: Monday, 17 October 2005, 00:00 CDT
By ISABELLE RODRIGUE
OTTAWA (CP) - Hit hard by the softwood lumber dispute with the U.S. and restrictions on logging imposed by the provincial government, Quebec's forest industry is getting a multi-million boost from the federal and provincial governments.
Jacques Saada, the federal minister responsible for economic development in Quebec, will announce a $50-million investment plan over four years on Monday, The Canadian Press has learned.
The new program will target communities that were affected by the 20-per-cent reduction on logging recommended in a provincial report on forest management.
For months, Prime Minister Paul Martin's government has repeated that it favours economic diversity to revive communities that rely on one resource.
The new initiative would offer loans to businesses looking to diversify their operations, sources said.
Companies can once again become competitive if they develop new products, Saada recently told the Le Soleil of Quebec City.
An estimated 200 towns and communities in Quebec depend almost entirely on the forest industry, which represents more than 90,000 direct jobs in the province.
Premier Jean Charest's government is also expected to announce its own aid package of $450 million over three years on Monday. While most of the funding was already confirmed in last April's Quebec budget, the package will include $170 million in new money.
Source: Canadian Press
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