Malaysia's Strong Capabilities in Bioeconomy Attracts Over USD4.5 Billion
SAN DIEGO, June 18, 2014
SAN DIEGO, June 18,2014 /PRNewswire/ --Malaysia's diverse strengths and
capabilities in the agro, healthcare and industrial sectors of biotechnology
will be on full display at the annual BIO International Convention 2014 (BIO),
as Malaysian Biotechnology Corporation (BiotechCorp), continues its
international profiling at the Convention which will take place in in San
Diego, California from 23- 26 June 2014.
As a progressive, business-friendly hub in the heart of Asia, Malaysia has
established itself as a global player in bioeconomy offering generous tax
incentives for investors, technically-skilled workforce, specialized
infrastructure and abundant natural biological resources to the flourishing
"Malaysia is on track to create a bioeconomy hub in the Asia Pacific. The
nation's Bioeconomy Transformation Programme (BTP) have reported approved
investments exceeding US$4.5 billion with over three U.S. companies selecting
Malaysia as their RHQ for the Asia-Pacific region," said Malaysian
Biotechnology Corporation (BiotechCorp) Chief Executive Dato' Dr Mohd Nazlee
BiotechCorp has been the chief driver for the national biotechnology
development, providing strategic direction and operational assistance for both
the upstream and downstream businesses.
Over the years, BiotechCorp has turned biotechnology into a game-changing
engine for the country's economy leveraging on a combination of foreign and
locally developed technology and IP to gain solid foothold in the
international bioeconomy industry.
"Supported by cutting-edge technology, key component suppliers, medical
equipment manufacturers and ready access to a technically skilled and educated
workforce, Malaysia remains a preferred destination for biotechnology
investments in the region," he added.
Among the notable global investors in Malaysia's bioeconomy include:
oBiocon Ltd, which built Asia's largest integrated insulin production
plant, catering to the needs of diabetic patients for affordable insulin
and insulin analogs;
oStelis Biopharma, which is spending nearly US$34 million on a research and
oGevo Inc, which has announced an investment to build the world's first
bio-isobutanol plant using biomass;
oHaemonetics Corporation, an American blood management solutions provider,
which has also selected Malaysia as the first Asia-Pacific location for
the establishment of their high tech medical devices manufacturing
Incentives such as 100% tax exemption for 10 years and double deductions for
Research and Development (R&D) spending for qualified companies undertaking
value-added biotechnology and/or life sciences activities under the BioNexus
programme have been introduced further creating a more attractive investment
The on-going focus on high-skilled workers under the Economic Transformation
Programme has also ensured a diverse pool of talent- engineers, biochemists,
laboratory technicians, and scientists among them- are an integral part of
the fast growing bioeconomy.
While investors are increasingly recognizing the value of Malaysia as the
launch pad for investment opportunities and business expansions, cross border
investments between Malaysian and U.S. companies have also increased.
In a recent announcement, a Malaysian conglomerate Sime Darby took a 30
percent stake in San Diego-based Verdezyne, to fund research and development
in downstream activities.
The partnership will enable Sime Darby to expand its downstream activities to
include products such as plastic and nylon and also create a ripple effect
throughout the Malaysian bioeconomy.
In 2013, the total investments of biotechnology companies in Malaysia were
US$1.1 billion, with the bioeconomy having created more than 83,000 direct and
The Bioeconomy Transformation Programme by the Malaysian government aims to
diversify and accelerate Malaysia's capabilities in biotechnology.
Under the programme, the government is targeting investments amounting to
USD16 billion, creation of 170,000 new jobs and GNI of USD12 billion by 2020.
BiotechCorp is the lead development agency for the biotech industry in
Malaysia and acts as a central contact point providing support, facilitation
and advisory services for biotech and life sciences companies in Malaysia.
BioNexus Status companies are international and Malaysian biotech companies
that qualify for fiscal incentives, grants and guarantees administered by
BiotechCorp. For further details, visit www.biotechcorp.com.my.
Bioeconomy Transformation Programme (BTP) is a platform provided by the
Malaysian government for the private sector to channel and maximise commercial
opportunities in bio-based industries.
The BTP is designed as a Transformation Programme based on biotechnology's
potential to cut across various industries and transform Malaysia into a high
income, inclusive and sustainable nation.
Through the BTP, Bioeconomy will benefit the society and nation through
breakthroughs in agricultural productivity, discoveries in healthcare and the
adoption of sustainable industrial processes, having the effect of both
enriching our society and nation through wealth creation besides securing our
future. For further information, visit www.bioeconomy.my.
For media inquiries, kindly contact:
DAZRENE AZMIL DARUS
Manager, Strategic Communications
Malaysian Biotechnology Corporation
Tel/Fax : +603 2116 5158
SOURCE Malaysian Biotechnology Corporation
Press spacebar to pause and continue. Press esc to stop.