November 05, 2012 17:53 PM

Biotechnology Flourishes This Year With Investments Exceeding RM9 Billion

By Nor Baizura Basri

KUALA LUMPUR, Nov 5 (Bernama) -- Biotechnology sector has been flourishing this year despite facing various circumstantial "winds and bumps", with the industry surpassing the RM9 billion 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.

"Just for 2011 and and 2012, we've successfully attracted a total of RM12.72 billion in investments for the biotechnology industry," he told Bernama in an email interview in conjunction with the BioMalaysia 2012, which started Monday.

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 country's biotechnology agenda and become one of the platforms for growth, he said.

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Biotechnology Flourishes This Year With Investments Exceeding RM9 Billion