Quebec forestry industry gets $450 million
October 17, 2005 By Pulp & Paper Canada
It may look good on paper, but the $450 million cash infusion for Quebec’s forest industry announced by the Charest…
It may look good on paper, but the $450 million cash infusion for Quebec’s forest industry announced by the Charest government includes only approximately $160 million in new money. The remainder was previously announced in last spring’s budget.
In an effort to assist communities struggling under pressures imposed by the 20% reduction in logging rights, the aid package will be doled out over a period of three years.
The funding will be distributed in a manner such as to contend with four major areas of concern, those of job creation, worker re-training, research and development and tax breaks. It is hoped the capital will prompt businesses to diversify their portfolios and to fund the training that will be necessary to make those shifts.
An additional $50 million has been pledged by the federal government, money which will be used to alleviate the burden in Quebec communities that have been hit hard by job losses.
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