RM30b boost with bio-economy

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Malaysia to be a leader in innovative and sustainable industries, says Najib

Prime Minister Datuk Seri Najib Razak being briefed by Professor Dr Chan Lai Keng (right) from Universiti Sains Malaysia on the use of the ‘Equsains Airlift Culture Vessel’ during his visit to the BioMalaysia 2011 Conference and Exhibition at the Kuala Lumpur Convention Centre yesterday.

Prime Minister Datuk Seri Najib Razak yesterday launched the new National Biomass Strategy (NBS) to enhance Malaysia's competitiveness as a bio-economy and biotechnology hub.

Najib said the NBS themed "Biomass to Wealth" would put "Malaysia on the map as the world leader in new, innovative and sustainable industries".

The new initiative, he added, had the potential to generate RM30 billion in new income by 2020 and create 70,000 new jobs for Malaysians.

"Through the creation of new high value industries driven by locally developed innovation, including in bio-based chemicals and bio-energy, the Biomass Strategy will provide the platform for creating 70,000 new jobs. 40,000 of those will be high skilled," he said at the launch of BioMalaysia 2011 and the 6th Pacific Rim Summit on Industrial Biotechnology and Bioenergy here yesterday.

He said the NBS could also deliver new growth areas, encourage development of new homegrown technologies and create more export opportunities.

"The Biomass Strategy has a clear action plan with immediate initiatives and new Entry Point Projects (EPPs) for government and industry to drive this opportunity.

"We are excited about these prospects and we are optimistic of performing well in this sector," Najib added.

The NBS is developed by Agensi Inovasi Malaysia (AIM) in close collaboration with key government agencies, universities and business leaders.

Najib also announced that the the Ministry of Science, Technology and Innovation (MOSTI) and Biotech Corp and other agencies would roll out a bio-economy roadmap by early next year.

The roadmap would complement the current National Biotechnology Policy (NBP) and would set a target for high growth in the coming years.

"We will be looking at some key focus areas in the industrial, health and agriculture sectors which will leverage on the latest approaches in biomining, bioconversions, bioextractions and key knowledge technologies such as genomics, proteomics and metabolomics.

"As the world's largest exporter of palm oil, Malaysia generates a lot of biomass which holds tremendous potential for high value added applications ranging from the biofuels sector to bioplastics and cellulosic feedstock."

With an estimated value of RM33.4 billion in 2015, biomass is targeted to be a vital contributor to the agricultural and industrial biotechnology sectors.