Friday March 31, 2006
Creating wealth by using biotechnology
BIOTECHNOLOGY is poised to drive the next wave of knowledge-based industries that will contribute to growth and wealth creation, new investment and employment opportunities, as well as deliver social and environmental benefits.
Under the 9MP, the Government is allocating RM2bil for biotechnology development. Of this, 45.9% will be for physical infrastructure development. The balance will be used for soft infrastructure development including research and development (R&D) and commercialisation as well as business development programmes.
The objective is to harvest biotechnology's potential as a growing source of wealth creation and enhance applications on biotechnology in various economic sectors. The target will be to at least double the number of biotechnology and biotechnology-related companies to 400 by 2010. The emphasis includes nurturing quality, high value-added and knowledge-intensive companies and creating more job opportunities.
The 9MP will focus on implementing the National Biotechnology Policy (NBP) to develop Malaysia's niches in agriculture biotechnology, healthcare related biotechnology, industrial biotechnology and bioinformatics.
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The brand BioNexus will be promoted as a brand to attract foreign and domestic investments in biotechnology.
For the 9MP, concerted efforts will be geared towards transforming and enhancing value creation in the agriculture sector through biotechnology, capitalising on the strengths of biodiversity to commercialise discoveries in health-related products and positioning Malaysia in the growing biogenetics market as well as nurturing growth opportunities in industrial bioprocessing and biomanufacturing.
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