Exports to bio-based products to pick up

BATU KAWAN: Malaysian Biotechnology Corporation (Biotech Corp) is expecting an increase in exports of Malaysian bio-based products from this year under the third phase (2016 to 2020) of the National Biotechnology Policy, "Going Global".
CEO Datuk Nazlee Kamal said the aim of the policy is to drive Malaysian bio-based companies towards global markets.
"To continually grow, a strong support ecosystem which covers business, regulatory and technical aspects, is crucial to match the needs of a growing industry. We are expecting to come up with 20 new bio-based products by year-end to boost our exports value," he said during his speech at the BioPartnering 2016, Northern Series, event here yesterday.
BioPartnering 2016 is a business networking event involving biotechnology-based companies, small medium enterprises, multinational companies and entrepreneurs.

Nazlee said the rebranding of Biotech Corp is under way after being approved by Parliament on April 23 this year. "We will be called Bioeconomy Development Corporation come June 2 with a new logo as we target to become a major contributor to the country's economy," he added.
Nazlee said the BioNexus Partners network under Biotech Corp is an effective strategy in many successful business models for bio-based product commercialisation in other countries.
"Malaysian bio-based companies can penetrate and compete in the global markets if their products or services meet the international standards of equality, safety and efficacy.
"We need to encourage local players to take the leap and move to the next level and increase the export value of our bio-based products, especially as we are driving them to the global markets," Nazlee said.
BiotechCorp is the bio-based economic development agency under the Science, Technology and Innovation Ministry to provide support, facilitate and advice for biotech and life sciences companies in Malaysia. – Bernama