NATIONAL BIOTECHNOLOGY POLICY'S PHASE 2 TO ATTRACT US$2.9 BILLION IN INVESTMENTS

KUALA LUMPUR, May 13 (Bernama) -- The Malaysian Biotechnology Corp
(BiotechCorp) is confident that the second phase of the National Biotechnology Policy (NBP) will attract RM9 billion (US$2.986 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. (US$1=RM2.99)

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, 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 Friday.

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.