KUALA LUMPUR: The government is aiming for revenue contribution of RM2 billion to Malaysia’s gross domestic product (GDP) from biotechnology and bio-based industries by the end of 2024.
Science, Technology and Innovation Minister Chang Lih Kang said that from January to May, biotechnology and bio-based companies in Malaysia recorded a total of RM1.5 billion in revenue with RM838 million worth of new investments.
“This signifies a high level of confidence in Malaysia’s ability to contribute to the modernisation of a high-tech economy through biotechnology,” he said at the curtain raiser for National Bioeconomy Showcase 2024 (NBiO Showcase 2024) today.
Chang said NBiO Showcase 2024 is targeting to attract RM1.32 billion in new investments and 500 job opportunities in the biotechnology industry. “We are confident that this new investment target can be achieved based on announcements that will be made during this event,” he added.
He said several important announcements will be made at the event, including achievements in one of the targets of the National Biotechnology Policy 2.0 involving local precision medicine, as well as the growth of the biosimilar field in Malaysia.
“Additionally, the exchange of 11 memorandums of understanding/cooperation will take place between biotechnology industry players and public and private entities, which are expected to enhance investment and development in the bioeconomy, strengthen the development of skilled human capital in biotechnology, and empower local bio-based products and services,” Chang said.
He added that the aim is not only to attract investment and industry collaboration but also to win the hearts of Malaysians to embrace biotechnology in their daily lives. “We want to show that biotechnology can lead Malaysia towards a high-tech economic modernisation while being accessible and beneficial to all segments of society,” he said.
The biotechnology and bio-based industry summit and exhibition – jointly organised by the Ministry of Science, Technology and Innovation and Bioeconomy Corp as the main organiser – will be held on July 17 and 18 at the World Trade Centre, Kuala Lumpur.
According to Bioeconomy Corp CEO Mohd Khairul Fidzal Abdul Razak, one of the main attractions of NBiO Showcase 2024 is the job opportunities offered in the biotechnology and bio-based industries.
“So far, nearly 17,000 job opportunities have been recorded by BioNexus Status companies, Bio-based Accelerator companies, and high-impact biotechnology companies in Malaysia,” he added.
