KUALA LUMPUR: Nextgreen Global Bhd
has inked a memorandum of agreement with Malaysian Bioeconomy Development Corporation Sdn Bhd to collaborate on the potential of enhancing biomass into higher value products, utilising biotechnology applications for the biomaterial and agricultural farm sector.
In a statement today, the pulp and paper manufacturer said that under this agreement, the two companies would collaborate to support the National Biotechnology Policy 2.0 Flagship Programme and the National Biomass Action Plan 2022-2030.
"(Both parties also plan) to promote the application of biotechnology in the production of downstream products from local biomass, including biofertiliser from empty fruit bunch-based pulp and paper wastewater, animal feed from oil palm fronds, and biomaterials from oil palm empty fruit bunches.
"(We also intend) to advocate for the adoption of the BioNexus status and bio-based accelerator programmes among small businesses in the biomass sector,” it said.
Nextgreen Global managing director Datuk Lim Thiam Huat said that in line with the company’s commitment to embracing a circular economy, it was eager to explore the potential products that can be produced from biomass.
"The company has studied biomass production for a significant amount of time and it looks forward to working together with Bioeconomy Corp to foster innovation, responsible resource management, and promote environmental sustainability, contributing to broader sustainability goals at the national and global levels,” he said.
Bioeconomy Corp chief executive officer Mohd Khairul Fidzal Abdul Razak said that the firm was thrilled to share its goal of fostering a sustainable bio-based market with Nextgreen Global.
"Its circular economy approach in converting their oil palm waste into higher value products such as biofertilisers and animal feed is a strong showcase of Malaysia's biomass potential,” he said.
He noted that the Malaysian fertiliser industry was valued at RM4.7 billion in 2021 and is expected to double to RM9.2 billion by 2026.
Similarly, the animal feed market, valued at RM16.5 billion in 2021, is projected to reach RM17.5 billion by 2026, he said.
"Via this agreement, Bioeconomy Corp endeavours to champion environmental, social, and corporate governance principles and redefine industries through bio-based innovations, all aimed at fostering a more sustainable future in the country,” he added. - Bernama
