KUALA LUMPUR: Malaysian Bioeconomy Development Corporation (Bioeconomy Corporation), an agency under the Ministry of Science, Technology, and Innovation (Mosti), aims to unlock potential investments worth RM1.32 billion through the National Bioeconomy Showcase 2024 (NBiO Showcase 2024).

Additionally, the corporation also aims for a total contribution of RM2 billion to the county's gross domestic product (GDP) from biotechnology and bio-based industries by the end of 2024.

Mosti minister Chang Lih Kang said the investment and revenue targets will be achieved based on the significant developments and collaborations in the health, industrial, and agricultural biotechnology sectors in Malaysia to date.

According to Chang, from January to May 2024, biotechnology and bio-based companies in Malaysia have recorded a total of RM838 million in new investments and RM1.5 billion in revenue.

"We believe the investment target can be achieved based on several important announcements that will be made during NBiO Showcase 2024."This includes significant achievements in one of the targets of the National Biotechnology Policy 2.0 involving local precision medicine, as well as the continued growth in the biosimilar field in Malaysia," he said at a press conference here, today.

Scheduled to be held on July 17 and 18, 2024, NBiO Showcase 2024 is open to the public to explore how biotechnology and bio-based industries shape society through innovative solutions.

The showcase will feature nearly 140 booths with more than 80 exhibitors and is expected to attract 4,000 visitors.

Bioeconomy Corporation senior vice president of the industry support division Nora Mohamed said so far, nearly 17,000 job opportunities have been recorded by BioNexus Status companies, Bio-based Accelerator (BBA) companies, and high-impact biotechnology companies in Malaysia.

Through NBiO Showcase 2024, Nora said the corporation aims to promote and further increase job opportunities for graduates in the biotechnology and bio-based fields.

"About 15 BioNexus and BBA status companies, as well as companies from the biotechnology and bio-based industries, will be conducting walk-in job interviews at the 'BioAcademy' booth. "Open interviews and job matching programs through the Biokerjaya portal at BioAcademy will also offer more than 500 job opportunities in the biotechnology and bio-based fields," she added.

https://www.nst.com.my/business/corporate/2024/07/1070789/govt-aims-unlock-rm132b-investments-national-bioeconomy-showcase