Bioeconomy an attractive growth proposition for M’sia
ONE of the key drivers in propelling the nation towards becoming a high-income, fully developed economy by 2020 lies in identifying high-growth economic areas. Based on our history and track record, agriculture economic activities have always been a Malaysian forte, creating strong leverage for growth in biotechnology.
In 2005, the government recognised biotechnology as one of the key strategic drivers that will drive greater social and economic development. This was followed through with the creation of the National Biotechnology Policy (NBP), Malaysia’s biotechnology Master Plan (2005-2020), championed by the Ministry of Science, Technology and Innovation, and to be implemented by the Malaysian Biotechnology Corporation Sdn Bhd (BiotechCorp).
Seven years on, the Malaysian biotechnology industry has flourished significantly. At the end of Phase 1 of the NBP, the industry charted a commendable performance with RM5.4 billion worth of investments while generating a total of RM13.5 billion in revenue and creating 54,776 job opportunities. Contributing 2.2% to the GDP, the industry has the potential to spur the country towards becoming a high-income economy in the context of the New Economic Model.
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Date: 23 October