The continued commercial application of biotechnology worldwide over the past two decades has led to the development of a bioeconomy, whereby substantial economic outputs are derived from the development and use of biological materials.

Bioeconomy encompasses all industries and economic sectors based on the values implicit in biological materials that can be translated into new sources of income, environmental sustainability and social well-being.

The potential economic and environmental benefits of biotechnology have created a growing strategic interest in the bioeconomy across the globe. The Organisation for Economic Cooperation and Development (OECD) estimates that bioeconomy will contribute a global average of 2.7 percent to GDP by 2030. However, in order for bioeconomy to succeed, considerable uncertainties and global challenges will need to be addressed.

Read rest of the article: Scientific American worldVIEW: Malaysia’s Efforts in Harnessing Bioeconomy |
Date: 17 July