Memoranda of Understanding (MoUs) with an estimated worth of RM1.5 billion were exchanged today among several organisations with biotechnology industry leaders.
Invest Selangor Bhd, who were among the organisations, signed with Bioeconomy Corporation, the lead development agency for Malaysia’s bio-based industry, on March 13, under aims to foster a strategic collaboration to enhance outreach and facilitation for biotechnology and bio-based industries.
Science, Technology and Innovation (Mosti) Minister Chang Lih Kang said 11 MoUs were exchanged today, demonstrating the competitive development of the two industries in Malaysia on a global level.
“With Mosti’s support, over 520 biotechnology and bio-based companies have been facilitated by the Bioeconomy Corporation, including firms with BioNexus statuses, companies under the Bio-based Accelerator (BBA) programme and those involved in high-impact biotechnology projects in Malaysia.
“Cumulatively, these companies have achieved approved investments totalling RM14.3 billion and contributed RM37.5 billion to the nation’s gross domestic product,” he said at the launch of the National Bioeconomy Showcase at the World Trade Centre Kuala Lumpur here today.
BioNexus is a special status awarded by the government to qualified companies undertaking biotechnology activities, which make them eligible for fiscal incentives, funding and other guarantees to boost growth.
The BBA programme, meanwhile, helps bio-based firms infuse science, technology, automation and strategic investment into business operations, while identifying and providing facilitation to overcome gaps in skills, technology adoption, financial resources, regulatory compliance and product marketability.
Other MoUs signed today were between Alps Global Holdings Bhd and PT Biotis Pharmaceutical Indonesia; Universiti Kebangsaan Malaysia and Mirxes Pte Ltd; Bioeconomy Corporation and Malaysia Cooperative Societies Commission; Bioeconomy Corporation and Majlis Amanah Rakyat; and Bioeconomy Corporation and Alps Global Holding Bhd.
The two-day National Bioeconomy Showcase, themed “Bioeconomy for All”, serves as a platform to achieve the objectives of the National Biotechnology Policy 2.0 by advancing biotechnology and bio-based industries as key drivers of the national economy, towards creating a bio-innovative society by 2030.
The event features nearly 140 booths with over 110 exhibitors, and is expected to draw 4,000 visitors.
Over 50 programmes and activities will be held during the two-day showcase, including special forums and sharing sessions by industry experts, funding and employment opportunities, product launches, MoU exchanges, exhibitions by BioNexus Status and BBA companies, product sales, business networking, and activities for school students.
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