Bioeconomy Corporation joins forces with Cosmetic Valley from France to transform Malaysia into the ASEAN gateway for herbal, cosmetics and perfumery.

Kuala Lumpur, 13 June 2016 – Malaysian Bioeconomy Development Corporation Sdn Bhd (Bioeconomy Corporation) signed a collaboration proposal agreement with Cosmetic Valley from France today to enhance and support Malaysia-France bioeconomy, by developing the bio-cosmeceuticals and wellness industries, including herbal, cosmetics and perfumery. Cosmetic Valley is the world’s first competitiveness cluster entirely devoted to the perfumery and cosmetics sector based in France, and oversees a network of businesses, research and training centres committed to innovating and penetrating international markets. The ceremony marks the first collaboration between the two organisations in bioeconomy, and Bioeconomy Corporation’s first major participation and foray in the herbal, cosmetics and perfumery sectors.

The proposed collaboration seeks to establish an international network for business development and collaboration among Malaysian and French companies, as well as to facilitate collaborative research, development and innovation activities in both countries, with a focus on bio-based technology and products, bio-cosmeceuticals and wellness. Cosmetic Valley also intends to support Bioeconomy Corporation and its Malaysian partners to undertake studies on a bio-cosmeceuticals and wellness ecosystem to implement a similar herbal, cosmetics and perfumery cluster model in Malaysia. This customised cluster model is proposed to be located in Langkawi, Kedah, also known as Langkawi Cosmetic Island (LCI).

“This cluster development project will ultimately be part of the larger bioeconomy agenda in further pushing forward the local cosmetics and perfumery industries in the global scene. Malaysia will be the first in ASEAN to build the herbal, cosmetics and perfumery cluster in collaboration with France,” said Minister of Science, Technology and Innovation, Datuk Seri Panglima Madius Tangau. “With this collaboration in place, Cosmetic Valley, Japan Cosmetic Centre and Langkawi Cosmetic Island will form the “Cosmetic Golden Triangle” where we can further boost bioeconomy in the respective countries, while enhancing Langkawi’s position as a competitive technology hub in the region and a top 10 tourism island in the world.”

Chief Executive Officer of Bioeconomy Corporation, Dato’ Dr Mohd Nazlee Kamal signed and exchanged the collaboration proposal with the Founder and General Manager of Cosmetic Valley, Mr Jean Luc Ansel. Also in attendance to witness the ceremony were Ambassador of France to Malaysia, His Excellency Christophe Penot; Deputy Minister of MOSTI, Datuk Dr Abu Bakar Mohamad Diah; Chairman of Bioeconomy Corporation, Prof Tan Sri Zakri Abdul Hamid; Member of Kedah State Executive Council, Dato’ Haji Mohd Rawi Haji Abd Hamid and Deputy Secretary General (Policy) of MOSTI Dato’ Dr Mohd Azhar bin Haji Yahaya.

Dato’ Nazlee said, “With the support from Cosmetic Valley, we can achieve the goal of developing a dynamic herbal, cosmetics and perfumery industry in Malaysia. We are also collaborating with Kedah State Government and several private sectors to implement this customised cluster, which will cover the entire value chain of herbal, cosmetics and perfumery industry. This has the potential to catalyse new economic expansion and increase revenue streams for Kedah, further boosting bioeconomy growth in the state.”

The cluster development in Langkawi will also contribute in improving Malaysia’s B40 household income through job opportunities. Through the integration of Bioeconomy Community Development Programme (BCDP) in LCI’s action plan, an estimated 5,824 jobs will be created for 300 hectares of land in three phases, with BCDP expected to create an estimated 2,599 jobs through contract farming with local farmers.

Furthermore, the development of this collaboration can encourage more local companies and researchers to leverage on the proposed infrastructure for the expansion of their bio-based business, besides generating more innovative products that can contribute to the global market. The global cosmetics market is expected to reach USD 390.07 billion by 2020 with a CAGR of 3.7% (2014-2020). The Asia Pacific region charted a high CAGR and will contribute 32.5% to the total global market share by 2020.