Ismawi (right) presents a memento to Nancy. — Photo by Chimon Upon
KUCHING: A successful innovation ecosystem can bridge the gap between knowledge economy and commercial economy, said Minister in the Prime Minister’s Department Datuk Seri Nancy Shukri.
“As Malaysia slowly expands its biomass industry and related technical expertise, the promotion of a strong patent culture and strict enforcement of patent laws is crucial. It is to provide its domestic and foreign technology developers the IP (intellectual property) protection they need to turn investments into profits,” she said in her special address at the International Biomass Conference Malaysia (IBCM) 2017 held at Borneo Convention Centre Kuching (BCCK) here yesterday.
Nancy believed that innovation would remain as an important game changer to spur the economic growth of every country.
She said the National Biomass Strategy (NBS) 2020, initiated in Nov 2011, aimed at assessing how Malaysia could gain even more revenue from its palm oil industry through utilisation of the associated biomass as a start.
“While it started with oil palm biomass, it has so far expanded to include biomass from the forestry sector and dedicated crops in 2013, and would eventually grow to encompass all biomass types.The ultimate objective is to anchor these initiatives as the pillars in strengthening the overall bio-economy, allowing Malaysia to transition into a more competitive, resource-efficient and low carbon economy,” she added.
She said the United Nations Environment Programme (Unep) had defined green economy as ‘low-carbon, resource-efficient and socially-inclusive’ with an overall goal of improving human wellbeing and social equity while significantly reducing environmental risks and ecological scarcities.
She then reiterated Malaysia’s position and commitment towards achieving what was deemed right by fully exploiting the potentials of the bio-based economy while ensuring sustainability throughout its development.
“We have all heard much about the Industrial Revolution 4.0 and digital economy of late, but the extent of its influence and how it would help define competitiveness and aid sustainability efforts are aspects of which could be interpreted differently by different parties.
“However, it is no doubt that it has the potential to change the way the end market operates, business being conducted from upstream to downstream activities, consumer behaviour and all other aspects of the value chain,” she said.
She opined that the underlying question was how Malaysia, as a nation, embraced the new business environment and adapted to it quick enough to stay in the forefront of global development.
She thus hoped that the two-day conference – with the participation of local and international panellists from the government, industry leaders, academia and civil society – would address the subject matter.
Nancy said the Malaysian Innovation Agency (AIM) had recently signed a collaboration agreement with the Tropical Rainforest Conservation and Research Centre (TRCRC) to work on a project ‘Forest the New Economy’.
The project, she added, is to transform underutilised land through regenerative land models into a new sustainable biomass-based economy generating gross national income, jobs and carbon sequestration.
“I hope IBCM, with its carefully curated programme, will help shed light and provide insights to delegates on global trends such as digital innovations, technology advancements, new renewable applications, new biomass ecosystem and value chain approaches that can impact the local biomass industry in the region and Malaysia,” she quipped.
Among those present were Deputy International Trade and Industry Minister Datuk Ahmad Maslan and Deputy State Secretary (Socio-Economic Transformation) Datu Ismawi Ismuni.