Biotech Corp eyes 60% investment contribution from industrial biotech sector

18th June, 2014

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

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

He said the industrial biotechnology sector was picking up momentum as industry players have seen the opportunities and premiums that they could reap 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 petroleum with vegetables oils.

They are looking for a greener raw material and oil palm is a suitable commodity replacement for oil, he told reporters on the sidelines of the World Bio Markets Asia 2014 conference here on Tuesday.

Last year, BioTech Corp secured RM4.12 billion in total investments, of which 53 per cent were 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 starting operations.

He said that some of the investments that it brought in was now ready to begin operations, production and in consequently generate revenue.

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

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Biotech Corp eyes 60% investment contribution from industrial biotech sector