NEW YORK: Total investments approved by Malaysia’s BiotechCorp have reached more than US$5.6 billion since 2011 until now, exceeding the $2.7 billion target for 2011-2015, Prime Minister Datuk Seri Najib Razak said today.
He said bio-economy has emerged as a significant contributor to Malaysia’s journey into becoming a high-income developed nation.
“The outlook for the nation’s bio-economy is truly optimistic,” he said at the annual meeting of the Bio-economy Advisory Panel Meeting here.
On the development of BioNexus Status companies, he said the number has grown to 241 companies from 225 last year despite uncertain market conditions. The 242 companies have generated US$237 million in revenue.
He said by 2020, Malaysia aims to have at least 20 global BioNexus companies.
He also said the productivity measure for BioNexus status companies amounted to US$50,000 in 2013, higher than the national average for small and medium-scale enterprises which stood at US$15,000.
“This denotes the vast potential of the BioNexus companies and clearly underlines the impact and importance of embracing innovation and technology adoption,” he said