Forest SR&ED to Increase Economy Growth and New Jobs within the Canadian Forest Sector
Quebec is investing in R&D within the forestry sector in order to develop new technologies and new job opportunities. The 2019 Budget allows up to $91.8 million between 2020 – 2021 for the Forest Innovation Program in order to innovate and grow new and existing Canadian forest companies.
The Parliamentary Secretary to the Honourable Amarjeet Sohi (Canada’s Minister of Natural Resources), Paul Lefebvre, indicated how important this Budget commitment is and also how the $22.7 million investment will allow diversification of innovation and technology within the natural resources sector.
Lefebvre states that, “By continuing to fund existing innovation and forest sector diversification programs through Budget 2019, we are helping Canada’s forest products industry increase and diversify their market opportunities.”
The investment consists of:
- Over $20.4 million to advance new forest based products
- Over $2.3 million to aid research projects associated with the Canadian forest sector
These investments funded by FPInnovate, a not-for-profit organisation made up of the Government of Canada and provinces and the private sectors, aims to improve environmental performance.
The president and CEO of FPInnovations also states, “FPInnovations welcomes this announcement which consolidates the Government’s support for the Canadian forest industry and ensures the stability of its operations. This commitment, renewed for the next three years, will foster the implementation of innovative strategies while supporting industrial partnerships across the forestry supply chain.”