01/31/2014 09:23 EST | Updated 04/02/2014 05:59 EDT

Nova Scotia gives $1 million to explore opportunities for forestry sector

HALIFAX - The Nova Scotia government is committing $1 million to fund eight projects aimed at developing business opportunities for the province's forestry sector.

The goal is to identify new products and production techniques that will help reduce costs and make the sector more competitive.

The province is working with non-profit research centre FPInnovations to identify future options for the industry.

Centre CEO Pierre Lapointe says the centre will examine the impact of the province's harvesting guidelines and look at ways of improving yields at hardwood sawmills as well as ways to covert wood to biochemicals.

Project results are expected by the summer.