PETALING JAYA: Malaysian Biotechnology Corp (BiotechCorp) has been rebranded to Malaysian Bioeconomy Development Corp (Bioeconomy Corp) in a bid to uplift and uphold the strategies and programme of Malaysia's bioeconomy agenda. The fresh identity was unveiled at the conclusion of BioMalaysia & Asia Pacific Bioeconomy 2016's three-day exhibition at Kuala Lumpur Convention Center, according to a statement released yesterday. Along with the name change, Bioeconomy Corp transformed its corporate identity with a new logo and expanded its roles and functions, reflecting the organisation's position as the leading economic development agency to spearhead the bio-based industry in Malaysia. "The rebranding of BiotechCorp is seen as a strategic movement to clarify and strengthen the company's role in developing a competitive and diverse end-to-end value chain of the Bioeconomy Ecosystem. This drives a strong socio-economic impact to the country by enhancing the wealth, health and social well-being of the nation through sustainable bio-based approaches," Minister of Science, Technology, and Innovation (Mosti), Datuk Seri Madius Tangau said at the launch of the corporate rebranding. Phase 1 (2006 – 2010) to Phase 2 (2010 – 2015) of the National Biotechnology Policy (NBP), saw the corporation achieve over RM25 billion of approved investments, create more than 31,000 direct jobs and generate more than RM18 billion of revenues. "In accelerating our efforts to achieve targets outlined in 'Global Business', the final phase of the NBP, and to attain a developed nation status by 2020, we need to continuously evolve and adapt to the increasingly high level and pace of the global economic landscape, " Madius said. BioMalaysia & Asia Pacific Bioeconomy 2016 saw the participation of 100 companies, involving more than 160 exhibition booths, with foreign exhibitors from Singapore, India, United Kingdom, USA, Germany, South Korea, Turkey, Dubai and Australia. More than RM24 million in revenue was generated during the business matching sessions, involving 10 companies.