KUALA LUMPUR, 17 November 2023 – Nextgreen Global Berhad (“NGGB” or the “Group”), a pulp and paper manufacturer, has signed a Memorandum of Agreement (“MOA”) with Malaysian Bioeconomy Development Corporation Sdn. Bhd. (“Bioeconomy Corporation”) to collaborate on the potential of enhancing biomass into higher value products utilising biotechnology applications for the biomaterial and agricultural farm sector.
Under this MOA, NGGB and Bioeconomy Corporation intends to collaborate to (a) support the National Biotechnology Policy 2.0 Flagship Programme and the National Biomass Action Plan 2022-2025; (b) promote the application of biotechnology in the production of downstream products from local biomass, including biofertilizer from empty fruit bunch based pulp and paper waste water, animal feed from oil palm fronds, and biomaterials from oil palm empty fruit bunches; and (c) advocate for the adoption of the BioNexus Status and Bio-based Accelerator Programmes among small businesses in the biomass sector.
The signing of the MOA took place at One World Hotel, Bandar Utama, Selangor. NGGB Managing Director, Dato’ Lim Thiam Huat signed on behalf of NGGB whereas Bioeconomy Corporation was represented by the Chief Executive Officer, Mr. Mohd Khairul Fidzal Abdul Razak.
Bioeconomy Corporation stands as the primary economic development agency for biotechnology and bio-based industries in Malaysia. Formed in 2005, it is owned by the Minister of Finance Incorporated and Federal Lands Commissioner, operating under the Ministry of Science, Technology & Innovation (“MOSTI”).
Dato’ Lim Thiam Huat said, “In line with our commitment towards embracing a circular economy, we eagerly anticipate exploring the potential products that can be produced from biomass. We have studied biomass production for a significant amount of time and NGGB looks forward to working together with Bioeconomy Corporation to foster innovation, responsible resource management, and promote environmental sustainability, contributing to broader sustainability goals at the national and global levels.” Mr. Mohd Khairul Fidzal said, “We are thrilled to share our goal in fostering a sustainable bio-based market with NGGB. NGGB’s circular economy approach in converting their oil palm waste into higher value products such as biofertilizers and animal feed is a strong showcase of Malaysia’s biomass potential. In 2021, the Malaysian fertiliser industry was valued at RM4.72 billion and is expected to double to RM9.20 billion by 2026. Similarly, the animal feed market, valued at RM16.5 billion in 2021, is projected to reach RM17.5 billion by 2026. Through this MOA, Bioeconomy Corporation endeavors to champion ESG principles and redefine industries through bio-based innovations, all aimed at fostering a more sustainable future in Malaysia.