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KUALA LUMPUR: Malaysian Biotechnology Corporation Sdn Bhd (BioTech Corp) plans to secure up to 60 per cent investment contribution from the industrial biotecnology sector by year-end, chief operating officer Razwin Sulairee Hasnan Termizi said.

Earlier in May, the company stated its target of bringing in a total of RM5 billion investment into the country this year.

He said the industrial biotechnology sector is picking up momentum as industry players have seen the opportunity and premium that they can get by venturing into the market.

This is also due to the increase in Malaysias palm oil industry as well as the trend for investment by Western countries in Asia to replace oil. They are looking for a greener raw material and oil palm is a suitable commodity replacement for oil, he told a press conference on the sidelines of the World Bio Markets Asia 2014 here yesterday.

Last year, BioTech Corp secured RM4.12 billion in total investment, of which 53 per cent was contributed by the industrial biotechnology sector and the remainder by the agriculture and medical sectors.

Razwin said progress in the industrial biotechnology sector has been lagging slightly behind the medical and agriculture sectors as the players need more time to set up their infrastructure before operation.

Some of the investment that we brought in is now ready to operate and produce and starting to put in revenue, he said.

Razwin said the biotechnology industry in Malaysia would continue to expand this year, with the 234 biotechnology companies with BioNexus status under BioTech Corp projected to see a 10 per cent hike in revenue this year from the RM1.3 billion achieved in 2013.

Market acceptance in Malaysia is growing as consumers are starting to show a preference for bio products, and we are also starting to venture into international markets, he added.

The chemicals market in Malaysia is estimated at RM360 billion by 2020, with palm oil-based products making up 10 per cent. Bernama

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