283 BioNexus firms secure RM6.81 billion approved investments
KUALA LUMPUR: A total of 283 BioNexus companies have been set up in Malaysia as of December 2017, 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 also contributed 10,665 job creations, up 4.2 per cent from 10,238 as of 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 2017.
“These accomplishments show that Malaysia is well primed to excel in the bio-based industry by focusing on high impact, high- growth and high- technology area, capable of driving the development of homegrown technologies, generate new economic opportunities and create a broad spectrum of novel bio-based sectors in the country,” he said at the Bioeconomy Day 2018 programme here yesterday.
The BioNexus status is accorded to bio-based companies that are successful in the biotechnology field.
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 2017, 37 BCDP projects were implemented involving over 2,800 participants, including the waste rice straw project in Pendang, Kedah and pineapple farming project in Lekir, Perak.
Meanwhile, 77 trigger projects have been captured under BTP which target to provide more than 26,700 job opportunities and secure cumulative investments of over RM17 billion by 2020. — Bernama