The provincial government plans to spend $11.5 million to expand the market and promote product development for B.C.'s ailing forestry sector.
Forestry Innovation Investment Ltd., the international forest products marketing agency for the province, plans to spend the money to boost demand for B.C. wood products in the Asia-Pacific and other key regions.
While the U.S. remains the largest market for B.C. wood products, the sector has developed inroads in Asia. Sales to China more than doubled in 2007 and sales volumes have already surpassed 2007 levels during the first nine months of 2008.
Sales to South Korea also grew 73% last year. Accounting for almost half of Korea's import market, B.C. has become the largest supplier in that country.