30 BioNexus-status companies penetrate global market early this year - Arthur

KUALA LUMPUR, March 22 (Bernama) -- As many as 30 out of the 235 BioNexus-status companies have successfully penetrated the global market as of January this year, said Deputy Minister of Science, Technology and Innovation (MOSTI) Datuk Arthur Joseph Kurup.

He said these companies had succeeded in boosting the country's biotechnology industry by reaching RM369 million in export value in 2022.

“Our target under the National Biotechnology Policy 2.0 (DBN 2.0) is for 30 per cent of BioNexus-status companies to go global with the other 70 per cent active locally.

“As of January, we have 235 companies with BioNexus status and we will work with other agencies to identify any companies to be developed to unicorn status (private start-up companies with a value of over USD1 billion),” he said during a question and answer session in Dewan Rakyat, today.

He said this when replying to a supplementary question from Datuk Ahmad Amzad Mohamed @ Hashim (PN-Kuala Terengganu) regarding the number of BioNexus-status companies that have achieved unicorn status.

BioNexus is a special status awarded by Bioeconomy Corporation Sdn Bhd, a bio-based industry development agency under MOSTI to qualified local and international biotechnology companies.

Arthur said the government provides various incentives to encourage more companies to enter and explore the field.

“In Budget 2023, BioNexus-status companies are given a 100 per cent tax exemption, which is a very good incentive for this industry,” he said.

Meanwhile, he said the government also sees biotechnology as a solution to the food security challenges plaguing the country.

He said that MOSTI, in collaboration with other agencies, will strengthen the country's biotechnology ecosystem to address food supply problems, in line with DBN 2.0.

-- BERNAMA