Bioeconomy Corp revises investment target to RM30b

By SHAHEERA AZNAM SHAH / Pic By ISMAIL CHE RUS

Malaysian Bioeconomy Development Corp Sdn Bhd (Bioeconomy Corp) has revised the investment projection for its Bioeconomy Transformation Programme (BTP) from RM50 billion to RM30 billion by 2020, due to the current volatile economic climate.

“The financial instability, along with the revised policy by certain regulators, has affected the business of our local bio-based producers. The new investment target is more rational and possible to achieve,” CEO Dr Mohd Shuhaizam Mohd Zain (picture) said at the Bioeconomy Day 2018 in Kuala Lumpur yesterday.

Initiated in 2012, BTP was expected to contribute RM48 billion to the gross national income, as well as attract RM50 billion investment by 2020.

At present, BTP has a cumulative investment of RM17 billion.

The project’s key focus has been on the commercialisation of high-value products which are able to contribute to the national income.

Moreover, 77 anchor projects have been established — providing 26,700 job opportunities.

On the recent established partnership with Sri Lanka for the bio-based industry, he said Malaysia will be facilitating the development of a biotechnology park in Sri Lanka.

“Sri Lanka is enhancing its bio-based industry and since we have the expertise, they want to include Malaysia as a consultant in building the facility, as well as other biobased activities.

“The biotechnology park — which will be situated on a 100-acre (40.5ha) piece of land gazetted by its government — is to be completed in two to five years.

“It will mirror Malaysia’s biotechnology parks such as Bio-XCell Malaysia in Johor,” Mohd Shuhaizam said.

He added that through the partnership, local bio-based entrepreneurs will have access into Sri Lanka’s market.

“Our local entrepreneurs will now have the access to explore Sri Lanka’s market potential and also set up a manufacturing base that will be assisted financially by its government.

“Malaysia is also expected to have business deals of providing refinery, bottling and packaging for its mega coconut industry, though it is still in discussion.

“It is a bilateral win for Malaysia because we have the expertise, as well as the technology and they are only looking at the end product,” he said.

Bioeconomy Corp and the Coordinating Secretariat for Science, Technology and Innovation of Sri Lanka signed a memorandum of collaboration in December 2017 to develop the framework for Sri Lanka’s bioeconomy.

Bioeconomy Corp said in a statement that the corporation will leverage on the expertise, network and resources including mutual sharing of business, trade, research, as well as the regulatory of both parties.