Entrepreneur Development


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Bioeconomy Corporation Exchanges MOU With Strategic Partners To Spur Modern Agriculture Transformation

KUALA LUMPUR, 9 December 2021 – Malaysian Bioeconomy Development Corporation (Bioeconomy Corporation) exchanged a memorandum of understanding (MoU) together with Peneraju Agenda Bumiputera unit (TERAJU), Agrobank, Malaysia Digital Economy Corporation (MDEC), Malaysian Global Innovation & Creativity Centre (MaGIC), and Malaysian Agricultural Research Development Institute (MARDI). This MoU is part of a Bumiputera Supply Chain (BSC) for Agriculture-Smart Farming programme to facilitate local communities in adopting modern agriculture technology. The MoU exchange was held on 6 December 2021 during the launch of the Tindakan Pembangunan Bumiputera 2030 (TPB2030) at Kuala Lumpur Convention Centre.

As one of the strategic partners, Bioeconomy Corporation will provide advisory, consultation, technology verification, and validation services to technology service providers and modern farmers seeking for capital expenditure (CAPEX) and operating expenditure (OPEX) financing related to technology application in smart farming.

Chief Executive Officer of Bioeconomy Corporation, En. Mohd Khairul Fidzal Abdul Razak said, “Offering financial assistance to service providers and modern farmers for technology adoption is essential, but it is also critical to ensure that the type of technology adopted is viable, effective, and efficient. As a strong advocate and facilitator for technology advancement, Bioeconomy Corporation is committed to playing both roles, and we look forward to working with the other parties with regards to supporting and encouraging Malaysians – especially the youth and late-stage start-ups – to venture into smart farming projects by providing them with attractive financing packages and smart technology solutions.”

He added that the collaboration is anticipated to promote new technology innovations and strengthen Bumiputera SMEs’ participation, competitiveness, and sustainability in modern and smart farming, thus contributing to the national food security for the rakyat. These expected outcomes are aligned with the National Agrofood Policy 2021-2030 under the Ministry of Agriculture and Food Industries (MAFI), as well as Key Economic Growth Activities (KEGA) under the government’s TPB2030 and Wawasan Kemakmuran Bumiputera 2030.