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Bioeconomy Corp chief executive officer Dr Mohd Shuhaizam Mohd Zain said Sri Lanka has the potential to become a strategic bioeconomy partner for bioplastic, biosimilars and waste to wealth programmes. (Bernama file pic)

KUALA LUMPUR: Malaysian Bioeconomy Development Corporation (Bioeconomy Corp) and Coordinating Secretariat for Science, Technology and Innovation (COSTI) of Sri Lanka have exchanged a memorandum of collaboration yesterday to develop a framework for Sri Lanka’s bioeconomy.

In a statement by Bioeconomy Corp yesterday, the corporation said both parties will leverage on each other’s mandates and tap into each other’s field of expertise, network, resources and know-how including the mutual sharing of business, trade, research, regulatory and other information between the organisations to expand bioeconomy growth in both countries.

Under the memorandum, Bioeconomy Corp will be appointed as a consultant for COSTI, to develop Sri Lanka’s own bioeconomy initiative.

This will include the undertaking of suitable bioeconomy projects for Sri Lanka by leveraging on the successful Malaysian bioeconomy framework.

Apart from that, it said Bioeconomy Corp will be appointed as a service provider to Sri Lanka Institute of Biotechnology to assist in the management of a dedicated biotechnology park in Colombo.

Bioeconomy Corp said it is also exploring the prospect of leveraging on the substantive expertise found in Sri Lanka to rejuvenate Malaysia’s coconut industry.

“Bioeconomy Corp is pleased to share 12 years’ worth of experience and expertise in developing the bioeconomy initiative with Sri Lanka.

“Through the enforcement of National Biotechnology Policy, Malaysia has accomplished significant advancements in the biotechnology and bio-based industries.

“We hope to do the same for Sri Lanka by helping them to develop and implement a similar bioeconomy policy or framework. This collaboration reflects the belief and trust that Sri Lanka has put on Malaysia and it shows that our bioeconomy sets the standard for other countries to emulate,” Bioeconomy Corp chairman Tan Sri Zakri Abdul Hamid said.

Bioeconomy Corp chief executive officer Dr Mohd Shuhaizam Mohd Zain said Sri Lanka has the potential to become a strategic bioeconomy partner for bioplastic, biosimilars and waste to wealth programmes.

“Malaysian bio-based companies can venture in Sri Lanka and co-develop high impact bio-based projects to add value to their products and services. We look forward to a productive and collaborative relationship with Sri Lanka in the long term,” he said.

The memorandum of collaboration exchange was witnessed by Prime Minister Datuk Seri Najib Razak and Sri Lanka president Maithripala Sirisena in conjunction with Najib’s visit to Sri Lanka.

The visit commemorated the 60th anniversary of establishment of the diplomatic relations between Sri Lanka and Malaysia, with the two leaders reaffirming their commitment to further enhance bilateral relations in the years ahead.

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