Phase 2 biotech policy to pull in RM9b

The Malaysian Biotechnology Corp (BiotechCorp) is confident that the
second phase of the National Biotechnology Policy (NBP) will attract RM9
billion in investments and contribute four per cent to the country's
Gross Domestic Product (GDP) within five years.

The NBP launched in 2005 has three phases, with the second from
2011
to 2015, ensuring that the industry is not just an enabler but a main
driver and essential part of the nation's total economy and known as
bioeconomy.

In the first phase, the industry contributed 2.2 per
cent to the GDP vis-à-vis its target of 2.5 per cent and attracted
RM5.4 billion investments over the RM6 billion target.

It also
raked in RM13.5 billion in revenue from the target of RM20 billion as
well as provided 54,776 employment opportunities in the first phase.





BiotechCorp's chief executive officer, Datuk Iskandar Mizal Mahmood
said the industry had set higher targets in revenue at RM50 billion and
employment opportunity of 80,000 in phase two.

"With the
platform developed and achieved in phase one, we are certain the targets
will be achieved, maybe at more than four per cent to the GDP looking
at the trend of investments worth billions in the past one year.

"The
ratio of private vis-à-vis public investments remains extremely
favourable," he told a media briefing on the industry's performance for
the first phase of the NBP today.

Iskandar said BiotechCorp in
gearing towards increase investments, particularly foreign direct
investments (FDIs), had launched a new model, focused on
commercialisation activities and continued capacity building, to spur
the phase two development.

He also highlighted that the industry expects four FDIs this year with a total investment worth of RM4 billion.

"We are evaluating about 10 companies in the pipeline.

"Currently,
there are two multinational companies from the industrial biotechnology
sector, very interested in penetrating the market here by partnering
local players," he said.

To date, there are a total of 188 BioNexus companies with RM1.96
billion in approved investments. - Bernama