Madam Chair, we have a three-pronged approach to supporting the recovery of Canada's wood industry.
The first is technology and innovation. We are investing $120 million in the transformative technologies program. That funding will go directly to developing, commercializing and implementing cutting-edge technologies in fields such as bioenergy and next-generation building systems.
The second is value added products. Our economic action plan allocated $8 million over two years to support research and technology transfer associated with value added projects. This initiative involves developing and enhancing our products to make them more competitive in Canada and abroad.
The third is expanding markets for wood products. We have set up three initiatives to stimulate market expansion for wood products.
The first is $20 million over two years for the Canada wood program, which helps wood producers grow and diversify their export markets. The second is $12 million over two years for the North American wood first initiative to promote the use of wood in non-residential construction in Canada and the United States. The third is $10 million to support large-scale demonstrations of the use of Canadian wood in construction.
Taken together, these measures are thoroughly transforming the sector, which will now be ready to take advantage of new opportunities and conquer new markets.
Our actions are creating a world-class competitive industry that will perform very well in tomorrow's economy.