CHICAGO, April 23, 2013 /PRNewswire/ -- Malaysia, being one of the most competitive biotechnology hubs in Asia, recently showcased its potential to be the future global hub for the bio-based economy at the annual BIO International Convention 2013 (BIO). The Malaysian Biotechnology Corporation (BiotechCorp) together with Ministry of Science, Technology and Innovation (MOSTI) led the Malaysian delegation in presenting the endless possibilities within the Malaysian biotech industry that are available to international investors and industry talent.
Under the purview of MOSTI, BiotechCorp is the lead development agency for the biotechnology industry in Malaysia. It acts as a central contact point in providing support, facilitation and advisory services for biotech and life sciences companies in the country.
Commenting on the country's presence at BIO, Dato' Dr Mohd Nazlee Kamal , CEO of BiotechCorp said, "The BIO Convention is an ideal international platform to promote Malaysia as the country of choice in investment and strategic collaboration in biotechnology, and we have an exciting agenda lined up to speak to various investors and companies. I am confident that they will find Malaysia an attractive place to capture global opportunities, particularly in the high-growth fields of bioeconomy and biomedical."
Malaysia provides investors with sound infrastructure, a solid history in medical device and diagnostics manufacturing, a well regulated pharmaceutical industry and the availability of GMP certified manufacturing facilities. The country provides the perfect environment for companies to realize their biotechnology potential, being 2nd of three countries that are members of the Pharmaceutical Inspection Co-operation Scheme (PIC/S), 2nd in Southeast Asia for IP Protection and 4th globally for Biotechnology Enterprise Support.
In order to create a more structured economic development framework for the biotechnology sector, Malaysia designed the Bioeconomy Transformation Programme (BTP), which is a targeted platform for the private sector to channel and maximise commercial opportunities in bio-based industries. The BTP is expected to generate investments amounting to RM10 billion, creating 16,300 new jobs with a GNI of RM3.6 billion by the year 2020.
More importantly, companies participating in Malaysia's biotechnology sector are privy to the BioNexus programme. This allows qualified companies access to a suite of specialized incentives including 100% tax exemption for the first 10 years of profit and a bill of guarantee covering amongst others; freedom of ownership, freedom to source funds from abroad and freedom to import knowledge workers. To date there have been 220 BioNexus companies registered with a total approved investments of close to RM3 billion. More than 50% of these companies are in the small and medium sized industries sector and are now ready to expand in the new economy, whilst the top 3% are now listed on exchanges in Malaysia, Australia, UK and Europe.
As at 2012, Malaysia has attracted RM10.6 billion in investments in biotechnology, with a track record of hosting many top global companies such as Biocon, Gevo, Ranbaxy, Strides Arcolab, Dr. Reddy's Laboratories and Novartis amongst others.
Ranked number 10 in the AT Kearney FDI Confidence Index 2012, more than 5,000 foreign companies from over 40 countries have established operations in Malaysia. To help springboard further interest, Malaysia continues to introduce significant incentives and programmes focusing on key growth sectors for the country, such as the BioNexus programme for biotechnology. The biotechnology industry is expected to contribute approximately 4.0 % of national GDP by 2015 and 5.0% by 2020.
In recent years, Malaysia has gained the attention of international audiences as a country offering endless possibilities to investors, tourists and talent alike. It has received international recognition for its increasingly facilitative environment where most recently, Malaysia came in 12th in the World Bank's global rankings in the Ease of Doing Business Report 2013 and is the 8th most competitive country in Asia Pacific (and 25th in the world) in the WEF Competitiveness Report 2012.
BiotechCorp is the lead development agency for the biotech industry in Malaysia and acts as a central contact point providing support, facilitation and advisory services for biotech and life sciences companies in Malaysia.
Since its establishment in 2005, BiotechCorp has played a key role in building the biotech industry in Malaysia. To date, BiotechCorp has facilitated the development of 220 BioNexus-status companies in Malaysia with total approved investment of RM 2.98 billion.
BioNexus-status companies are international and Malaysian biotech companies that qualify for fiscal incentives, grants and guarantees administered by BiotechCorp. For further details, visit www.biotechcorp.com.my.
Bioeconomy Transformation Programme (BTP) is a platform provided by the Malaysian government for the private sector to channel and maximise commercial opportunities in bio-based industries. The BTP is designed as a Transformation Programme based on biotechnology's potential to cut across various industries and transform Malaysia into a high income, inclusive and sustainable nation. Through the BTP, bioeconomy will benefit the society and nation through breakthroughs in agricultural productivity, discoveries in healthcare and the adoption of sustainable industrial processes, having the effect of both enriching our society and nation through wealth creation besides securing our future. For further information, visit www.bioeconomy.my.
For media inquiries, kindly contact:
Manager, Corporate Affairs
Malaysian Biotechnology Corporation
Tel/Fax : +603 2116 5458 / +6016-6211171
Copyright©2012 PR Newswire.
All rights reserved