NEW YORK: Total approved investments in Malaysia’s bio-based industry from 2011 till now has more than doubled to US$5.6 billion (RM17.9 billion) compared with the target of US$2.7 billion (RM8.64 billion) set previously, Datuk Seri Najib Tun Razak, said.
Najib is seen chairing the Bio-IAP panel meeting here on Wednesday. Also present are Minister of Science, Terchnology and Innovation Datuk Dr Ewon Ebin (left) and BiotechCorp chairman ans Science Advisor to the Prime Minister Prof Tan Sri Sakri Ambul Hamid (right). — Bernama photo
The prime minister said this was a significant achievement for Phase 2 of the National Biotechnology Policy in view that approved investments had exceeded the target for the 2011-2015 period.
Bioeconomy (bio-based economy) has evolved to emerge as a significant contributor in Malaysia’s journey towards becoming a high-income developed nation, he said at the Bio-International Advisory Panel (BIO-IAP) Meeting here on Wednesday.
“Bioeconomy will remain a key contributor to the economic growth for a productive, competitive and innovative economy,” he said.
Najib, who is also Finance Minister, expressed optimism that the implementation of the Bioeconomy Malaysia Accelerator Programme would have a multiplier effect on the economy and a positive impact on the income and welfare of the people.
Najib said the programme, among others, involved stakeholder collaborations with the economic corridors, universities, research institutions, inter-ministerial and financial institutions.
The programme was introduced to increase the income of urban and rural Malaysians, he said, adding that this would be achieved through the Bioeconomy Community Development Programme and technology bridging between bio-based companies and international research and development institutions.
It would also be achieved by enhancing bio-entrepreneurship and helping BioNexus-status companies to become global players through the BioNexus Go Global programme.
On the outcome of the BIO-IAP meeting, the prime minister said the government would consider including three focus areas of bioeconomy into the 11th Malaysian Plan. Najib said the focus areas were cellular medicine and stem cells; bio-cosmeceuticals, wellness and pharma nutrition; and bio-based chemicals.
“Malaysia has the compelling advantages to embark on the three focus areas,” he said, adding that BiotechCorp would take the lead in developing these additional areas. To date, he said, 241 BioNexus-status companies continued to thrive despite uncertain market conditions.
“The US$237 million (RM758.4 million) revenue registered by BioNexus companies was commendable and can be further strengthened with continuous concerted efforts by all parties,” he said.
The prime minister said Malaysia would have at least 200 global BioNexus companies by 2020.
“It is interesting that the productivity measure for BioNexus status companies in 2013 amounted to US$50,000 (RM160,000) and this is significantly higher than the national average for small and medium enterprises which stood at US$15,000 (RM48,000) as of 2012,” he said.
Najib said this denoted the vast potential for BioNexus companies and clearly underlined the impact and importance off embracing innovation and technology adoption.
“The outlook for the nation’s bioeconomy is truly optimistic.
“BioNexus companies will have a catalytic effect on the nation’s growth and Malaysia’s developmental aspiration will be well served by providing a conducive environment for these BioNexus companies to thrive,” he said.
Najib said there was a need for greater inter-ministry and inter-agency collaboration as well as enhanced regulatory framework.
Later, Najib witnessed the exchange of several agreements and collaboration initiatives involving various parties. They were, among others, the exchange of a lease agreement between Kulim High-Tech Park and Abbott Manufacturing Malaysia Sdn Bhd to set up Abbott’s intraocular lenses manufacturing facility.
BiotechCorp, Malaysian Agricultural Research and Development Institute and Felda Global Ventures Research and Development Sdn Bhd also exchanged agreements for the utilisation for marker assisted selection platform technology for identification of desired oil palm traits.
BiotechCorp and Perbadanan Nasional Bhd undertook an exchange of collaboration instrument to franchise Bioshoppe. — Bernama