KUALA LUMPUR, July 18 (Bernama) -- Malaysia will likely witness a few more foreign investments from international biotechnology companies this year in various sectors, including health, according to Malaysian Bioeconomy Development Sdn Bhd (Bioeconomy Corp).
Chief executive officer Mohd Khairul Fidzal Abdul Razak said Malaysia is capable of attracting foreign investments because of its lower cost (in building the facility) compared to its country of origin.
"So far, only one company, namely Biocon, the biotech giant from India, has been with us in Malaysia since 2011 and had invested RM1 billion. It now intends to expand its company with an investment target of almost RM3 billion.
"We have one or two more upcoming, and for now, I can only say one is from the healthcare sector, and for the other one, it is still too early to say," he told reporters during the NBiOSHOWCASE 2024 closing sharing session here today.
Biocon has committed to expanding its new insulin manufacturing facility, which is expected to operate by 2026.
The expansion will create over 1,100 highly skilled workers and make it one of the world’s largest integrated insulin research and manufacturing centres while improving access to insulin products for patients in Malaysia.
Meanwhile, Mohd Khairul Fidzal said he is optimistic that Bioeconomy Corp can achieve its target for a RM2 billion contribution to the country's gross domestic product (GDP) from the biotechnology and bio-based industries by the end of this year.
"To date, we have seen many companies, especially from Singapore, that are interested in setting up health-related facilities here.
“Healthcare is the biggest contribution in terms of returns to the country. However, in terms of volume, agriculture is the main contributor,” he said.
From January to May 2024, the biotechnology industry recorded RM1.5 billion in revenue through the facilitation and support from Bioeconomy Corp.
-- BERNAMA
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