KUALA LUMPUR: Biotechnology sector has been flourishing this year despite facing various circumstantial "winds and bumps", with the industry surpassing the RM9 million investment target for Phase 2, much earlier than targeted under the country's National Biotechnology Policy.

Malaysian Biotechnology Corporation Sdn Bhd (BiotechCorp) Chief Executive Officer Datuk Dr Mohd Nazlee Kamal said the industry, now in its commercialisation phase, has been progressing at a steady rate.

It has mobilised most of its potentials to ensure the transformation of the nation into a stable high-income nation by 2020, he said.

"The targeted investment for Phase 2 is RM9 billion. However, I am happy to say that we have indeed surpassed the investment target for Phase 2.

With the continuous market-based and pro-government support, Malaysia offered a dynamic and aggressive investment environment, especially under the National Biotechnology Policy, which has seen various tax and fiscal incentives to biotechnology companies, said Mohd Nazlee.

This was backed by the rich environmental biodiversity and a robust information and communications technology (ICT) infrastructure, enabling the country to be in a position to drive the countrys biotechnology agenda and become one of the platforms for growth, he said.

"In summary, Malaysia is the ideal investment destination for the biotechnology industry. Location-wise, we are in the middle of the rise of Asian markets and global companies which can optimise our country for businesses set in the Asia-Pacific.

"From the cost perspective, the price of liquefied petroleum gas, petrol, and diesel in Malaysia are among the cheapest in the world.

Utilisation of industrial electricity and water rates are competitive in the Southeast Asia region, he said.

Mohd Nazlee said that through the BioNexus status accorded to biotechnology companies that qualify under the Malaysian Bill of Guarantee, it would provide access to commercialisation and tax incentives.

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Biotecb sector progressing at steady rate