Biotechcorp Aims To Secure FDIs Worth US$1.26 Billion In 2012, 2013

KUALA LUMPUR, May 25 (Bernama) -- The Malaysian Biotechnology Corporation (BiotechCorp), in collaboration with other government agencies, is targeting to secure US$1.26 billion (RM4 billion) foreign direct investments (FDIs) in the industrial biotechnology sector within 2012 and 2013. BiotechCorp Chief Executive Officer Dr Mohd Nazlee Kamal said BiotechCorp would work closely with some agencies to realise the FDIs. The agencies include the Eastern Corridor Economic Region Development Council, Malaysia Innovation Agency (AIM), Malaysian Investment Development Authority (MIDA), Northern Corridor Implementation Authority (NCIA) and the Terengganu state government, he said in his presentation paper entitled "Engineering the Value Chain of Industrial Biotechnology to Drive Malaysia's Bioeconomy" at the Second Bio-Based Chem Asia in Bangkok. Among specific areas targeted for the FDIs are production of biobased materials and chemicals derived from biomass. Mohd Nazlee said Asia is becoming a "hotspot" for biobased materials and chemicals and the growth presents viable opportunities for investments, partnerships and collaborations. "We are anticipating to produce around 760,000 bone dry tonnes of biomass, mainly from wood chips to produce 500,000 tonnes of carbohydrates that will be converted into various forms of biobased chemicals," he said. Mohd Nazlee said the biobased chemical market is expected to grow at over 20 per cent a year and exceed US$500 billion until 2017 with over 15 per cent of the three trillion dollar global chemical sales will be derived from bio-derived sources by 2025. He said the opportunities for Asian companies are abundant as they are able to capitalise on their existing ties to feedstock, financing, government and the market. "Aside from an abundant feedstock supply, Malaysia has an advantage in terms of market access and overall sound business environment, which among other factors, has the respect for private property and Intellectual Property rights. "Combined with government support and policies, this will certainly be a contributing factor towards driving Malaysia's bioeconomy agenda and achieving its target to become the regional biorefinery hub by 2015," he said. Bioeconomy, which encompasses application of biotechnology to primary industries, is slated to become one of the National Key Economic Areas (NKEAs) for Malaysia following in the footsteps of mature countries such as the United States, China, Japan, The Netherlands, Germany and France. Bioeconomy, particularly through industrial biotechnology, will be a paradigm shift to inject new approach to existing industries in Malaysia such as the commodities and petrochemicals to harness Malaysia’s biodiversity in a sustainable manner. -- BERNAMA