FOCUS ON THE WILDLY IMPORTANT GOALS: BIOECONOMY TO BE A SIGNIFICANT ECONOMIC CONTRIBUTOR AND CHAMPIONING OF BIO-BASED SMEs
YBhg Dato’ Dr Mohd Nazlee Kamal CEO of BiotechCorp
First and foremost, allow me to extend my New Year greetings to all the readers. It is 2015 and yes, there are many big ideas to explore and plentiful of new opportunities to tap on. The growth prospects of the country’s bio-based sector is looking good as well. By leveraging on the years of accumulated developments, I have ample reasons to remain optimistic this year.
With the realisation of how we have progressed over the past few years, I must anticipate for industry stakeholders to share my above sentiment. Ever since the inception of the National Biotechnology Policy (NBP) in 2005, the journey has been a steep and challenging one for us. BiotechCorp is the country’s sole bio-based economic developer and for close to 10 years, the organisation has been striving to reach out to strategic partners and forging industry connections that are necessary in order to build a strong and sustainable bio-based ecosystem in the country.
As BiotechCorp currently enters its tenth year, the Malaysian bio-based industry continues to show encouraging growth in terms of investment and momentum of projects. We are on the right track given that the Bioeconomy Malaysia initiative, designed to change the way we think of the economy has been central to all recent development in the bio-based sector.
In terms of economic significance, the importance of the bio-based economy cannot be underestimated. The new economic model based on the use of renewable biomass is an important agenda to tackle issue such as climate change, declining fossil resources and sustainable development.
Many interest groups have been involved in supporting the bioeconomy programme. I am truly grateful for all the support extended and collaborations achieved up until now. BiotechCorp is looking forward to progress even further this year alongside the continuous involvement of the public as well as the private stakeholders in accelerating industry growth. Conscious of the challenges ahead, the organisation strive to commit, strategise and execute goals that are wildly important in order to propel the Malaysian Bioeconomy forward.
Setting goals does not have to be hard. According to Franklin Covey’s 4 Disciplines of Execution formula, the key towards achieving the intended outcome is not to have too many goals at one time. Success will depend largely on having mindful goals, coupled with the correct strategies and disciplines that are needed to achieve it. Some goals are more important than others, therefore focus only on the wildly important ones. Presently, BiotechCorp’s clear-cut goals are designed to position the bio-based economy to become a significant contributor towards the national economy and to champion the bio-based SMEs to greater heights.
Having mentioned economic impact and SME development, one of the most crucial component is building a strong value proposition for the bio-based sector and enhancing its ability to continuously attract foreign direct investment (FDI). The development of the bio-based sector and its contribution towards economic growth will greatly depend on the constant influx of capital, innovative new technologies and know-how. Additionally, FDI also influences the development of human resources and enlarges the pool of local industry experts. All these development encourages the expansion of the sector and to support its subsequent integration in global markets.
With that in mind, the immediate strategy taken so far would be to create a funnel as a lead measure for attracting more of these needed investments. Leading activities take into account the need for having more trade missions and getting the most from business-to-business meetings thru our participation in conferences and exhibitions. Next year, with the NBP officially moving into its third and final phase of going global, the need to bring local bio-based products into world market becomes a key focal goal.
Beyond that target, going global could also mean more connectivity and to gain further exposure for the Malaysian Bioeconomy agenda. BiotechCorp is currently in the midst of setting up its first global office to be based in the San Francisco bay area. Focused on forging closer partnerships and drawing in investments from major biotech players at the international level, the office will serve as a pivotal contact point for overseas engagements and play key instrumental role in achieving the targets set in Phase III of the NBP. I shall elaborate further on this ongoing initiative in future columns.
Generally speaking, BiotechCorp has progressed greatly since its humble beginning in 2005. By having in line many lead programmes within the Bioeconomy Transformation Programme (BTP), the organisation is at present intensifying and fine-tuning its efforts into achieving the wildly important goals set forward for the coming years. Even so, it is the habits, culture and commitment of each individual employee within BiotechCorp that is accountable in driving priorities and setting direction, leading to the bioeconomy agenda attaining success in the long run. Perhaps I should also elaborate further on this in the coming write-ups. In the meantime, have a great new year and a productive one ahead!