283 BioNexus firms set up ops in Malaysia, create 10,665 jobs

KUALA LUMPUR: A total of 283 BioNexus companies had been set up in Malaysia as of December last year, with approved investments worth RM6.81 billion, an increase of 2.2 per cent compared with RM6.66 billion as of 2016.

Science, Technology and Innovation Minister Datuk Seri Wilfred Madius Tangau said the companies had contributed 10,665 jobs, up 4.2 per cent from 10,238 in 2016.

He said the BioNexus status companies had recorded an average annual growth rate of 18 per cent in terms of revenue generation from 2008 to December last year.

“These accomplishments show that Malaysia is well primed to excel in the bio-based industry by focusing on high impact, highgrowth and high-technology area, capable of driving the development of homegrown technologies, generating new economic opportunities and creating a broad spectrum of novel bio-based sectors in the country,” he said at the Bioeconomy Day 2018 programme, here, yesterday.

Madius said the achievements of the BioNexus companies and secured projects under the Bioeconomy Transformation Programme (BTP) and Bioeconomy Community Development Programme (BCDP) reflected the tenacity of Malaysia’s bio-based industry, which continued to prevail despite the unpredictable and competitive economic climate.

While BCDP projects focus on bringing societal impact, BTP projects deliver economic significance by focusing on the commercialisation of high-value products that could contribute to Malaysia’s gross domestic product.

As of December last year, 37 BCDP projects were implemented involving 2,800 participants, including the waste rice straw project in Pendang, Kedah and pineapple farming project in Lekir, Perak.