Bioeconomy Corp Eyes Rm1.32 Bln New Investments From 2024 Bio Showcase Event -- Mosti

KUALA LUMPUR, July 1 (Bernama) -- The Malaysian Bioeconomy Development Corporation Sdn Bhd (Bioeconomy Corp) aims to facilitate new investments worth a potential RM1.32 billion at the National Bioeconomy Showcase 2024 (NBiOSHOWCASE 2024), said MOSTI Minister Chang Lih Kang.

Bioeconomy Corp is an agency under the Ministry of Science, Technology, and Innovation (MOSTI).

The minister said Bioeconomy Corp is also aiming for a RM2 billion contribution to the country's gross domestic product (GDP) from the biotechnology and bio-based industries by the end of 2024.

“Several important announcements will be made during this event, including significant achievements in one of the targets of the National Biotechnology Policy 2.0 involving local precision medicine, as well as the extended growth of the biosimilar field in Malaysia," he told a press conference here today.

In his speech earlier, Chang said the investment and revenue targets are achievable based on the significant developments and collaborations recorded in Malaysia's health, industrial, and agricultural biotechnology sectors to date.

Chang noted that from January to May 2024, biotechnology and bio-based companies in Malaysia recorded a total of RM838 million in new investments and RM1.5 billion in revenue. "Through NBiOSHOWCASE 2024, we aim not only to attract investment and industry collaboration but also to win the hearts of Malaysians to embrace biotechnology in their daily lives,” he added.

Furthermore, Chang said the exchange of 11 memorandums of understanding and cooperation will be carried out among the driving forces of the biotechnology industry and the public and private sectors, involving local and international entities.

Scheduled to be held on July 17 to 18 at the World Trade Centre Kuala Lumpur, NBiOSHOWCASE 2024 is a biotechnology and bio-based industry summit and exhibition jointly organised by MOSTI and Bioeconomy Corp, with the latter being the main organiser of the event.

Meanwhile, Bioeconomy Corp senior vice-president of industry support division Nora Mohamed said BiOSHOWCASE 2024 involves more than 80 exhibitors and nearly 140 exhibits that will inspire, educate, and open up new opportunities for all visitors to explore the bioeconomy world.

"The open interview session and job matching programme through the Biokerjaya portal at BioAcademy will also offer more than 500 job opportunities in the field of biotechnology and bio-based," she said, adding that Bioeconomy Corp expects 4,000 visitors to attend the two-day event. 

The opening ceremony of NBiOSHOWCASE will be officiated by Prime Minister Datuk Seri Anwar Ibrahim while national news agency BERNAMA is the media partner for NBiOSHOWCASE.

-- BERNAMA