Kuala Lumpur, 11 January 2018 – As of December 2017, Malaysian Bioeconomy Development Corporation (Bioeconomy Corp) has captured 77 trigger projects under the Bioeconomy Transformation Programme (BTP), which are targeted to provide more than 26,700 job opportunities and cumulative approved investments of over RM17 billion in 2020. The organisation has also implemented 37 Bioeconomy Community Development Programme (BCDP) projects as of December 2017, involving over 2,800 participants. The BCDP projects are expected to have an impact on more than 13,000 residents around the project areas.
The announcement was made by the Minister of Science, Technology and Innovation (MOSTI), Datuk Seri Panglima Wilfred Madius Tangau who officiated the Bioeconomy Day here today. “Bio-based companies continue to be the main pillar in catalysing holistic changes encompassing economic, governance, and social development. From 2016 to 2017, there has been an increase of RM150 million of total approved investments captured by 283 BioNexus Companies (from RM6.66 billion to RM6.81 billion). The companies have also contributed 10,665 job creations, an increase of 4.2% compared to 2016 (10,238). Furthermore, the BioNexus Status companies have recorded an average annual growth rate of 18% in terms of revenue generation from 2008 to December 2017. MOSTI together with Bioeconomy Corp will continue to play an effective role in facilitating the creation of an enabling environment for the bio-based industry to thrive,” he said.
Chairman of Bioeconomy Corp, Tan Sri Zakri Abdul Hamid said, “With three years left until the final phase of the National Biotechnology Policy (NBP), Going Global in 2020, our challenges lie in increasing the number of bio-based industry players, establishing a stronger global presence for local products and enhancing the socio-economic well-being of the rakyat. Bioeconomy Corporation shall carry on in championing our initiatives such as BCDP, BTP, BioNexus Status, BioNexus Partners, BioAcademy and BioShoppe, which provide additional income and employment opportunities for the rural communities, besides consolidating the strength and capabilities of bio-based players in developing technologies, commercialising innovations, building more expertise and penetrating the international market.”
Chief Executive Officer of Bioeconomy Corp, Dr. Mohd Shuhaizam Mohd Zain said, “Moving forward in 2018, we are targeting to capture strategic and quality bio-based investments by leveraging on the opportunities provided in Budget 2018 and the Fourth Industrial Revolution (Industry 4.0) to reach our goal of becoming a developed, high-income status nation by 2020. This includes the development of high-value crops including enhancing coconut initiatives, the development of green technologies under Green Technology Funding Schemes (GTFS), the enhancement of rural economic financing schemes and the development of medical supplies and consumables.”
Bioeconomy Day 2018 gathered experts and thought leaders who shared their views on Malaysia’s 2018 budget, its economic prospects as well as the benefits and incentives available for the industry. The event also focused on the policies under the Companies Act 2016 that can impact the bio-based industry as well as funding opportunities for bio-based companies. The event gathered close to 500 attendees from ministry agencies, bioeconomy stakeholders, industry players and researchers, and was also a platform for the launching of the 2016 and 2017 Bioeconomy Corp Progress Report.