Subcommittee on Canadian Industrial Sectors committee  Perhaps I'll begin and then open it up to my colleagues who might like to add more. As a small, open economy, Canada's competitive or comparative advantage would tend to be in moving to higher value-added, increasingly knowledge-intensive applications, whether from a resources base to begin with or a base of sectors such as ICT and biotechnology.

Subcommittee on Canadian Industrial Sectors committee  I'm not an expert on the specific programs that would apply directly to the wood industry. Rather, what I was remiss in not saying earlier is that in the context of the broader array of measures implemented by the government and announced and being implemented now through the budget, this includes also stimulus intended to stimulate in the construction sector, infrastructure-related pieces, and home renovation.

Subcommittee on Canadian Industrial Sectors committee  I'm not an expert on the particular arrangements and the rights and obligations embedded within the Canada-U.S. softwood lumber agreement, so I won't comment on the specifics. However, I can indicate that, as members would be aware, the wood products industry is very export-dependent for its markets.

Subcommittee on Canadian Industrial Sectors committee  There's no doubt that the wood and wood products industry is one of the most severely affected sectors. They are among others, however; the auto sector and the wood sector are clearly facing some significant challenges, and so are a number of the industries that spread around them.

Subcommittee on Canadian Industrial Sectors committee  It's very difficult to say across the board. Certainly we are hearing anecdotally of some positive stories about EDC and BDC stepping in to help out, for example, but I'm also aware that the finance committee is holding some discussions and hearings specifically on some of the financial issues, where some of these things will be brought out in more detail from that perspective.

Subcommittee on Canadian Industrial Sectors committee  I'll mention one thing, and then perhaps I'll ask my colleague if he'd like to add something more. Specifically in terms of venture capital, the BDC is working right now with a budget allocation from last year to try to encourage some additional venture capital funding in the marketplace in terms of a late-stage fund that has some potential benefit for ICT and biotechnology.

Subcommittee on Canadian Industrial Sectors committee  It's clear that the one unified thread through this is challenges in terms of accessing financing. That's true. And that's a situation that is global in nature. Canada is relatively better off than other countries in terms of the health of our financial system. Having said that, there are some challenges, and some gaps have occurred.

Subcommittee on Canadian Industrial Sectors committee  Merci beaucoup. Mr. Chair, members of the committee, thank you for this opportunity to join you today. My name is Billy Hewett. I am the Director General for the Policy and Sector Services Branch for the Industry Sector at Industry Canada. Accompanying me today are: Emilee Pedruchny is director of the sector intelligence and analysis, information and communications technologies branch, and François Delorme is the department's chief economist and director general of the micro-economic policy analysis branch.