BIMP EAGA Bioeconomy eyes RM300 mln potential revenue from honey project

KUALA LUMPUR: BIMP EAGA Bioeconomy Development Holdings Sdn Bhd aims to generate a potential revenue worth RM300 million from the Borneo Honey Bee Farm Project by 2021.

The project, under the Bioeconomy Community Development Programme (BCDP) Sabah, is expected to kick off from February 2017.

“We hope to generate five million kilogrammes raw honey by 2021, and the RM300 million potential revenue will be generated from the downstream products such as cosmetic and honey drinks,” said BIMP EAGA Bioeconomy Executive Advisor, Yan Hashim, after the launch of BCDP Sabah yesterday.

Yan said the company had inked a sales and purchase agreement (S&P) worth RM30 million with Singapore-based company, Xali Pte Ltd, last month to supply 3,000 tonnes of honey for three years beginning Dec 1, 2016.

“We will become one of the honey suppliers of Xali, and the latter will export our honey to its customers worldwide, including Europe,” he said.

Meanwhile, Sabah Deputy Chief Minister, Datuk Seri Panglima Yahya Hussin, said BIMP EAGA Bioeconomy was the first company to secure the S&P deal with a foreign firm.

“We hope Sabah will have at least 5,000 bee farmers under the project by 2021, as I understand that a bee farmer can earn a monthly salary of between RM1,500 and RM5,000, depending on the number of hives that they have,” he said.

Yahya who is also Sabah Minister of Agriculture and Food Industry said this during his opening remarks at the event. — Bernama