WHAT IS BIOECONOMY?
- Refers to all economic activity that is derived from the continued commercial application of biotechnology.
- Encompasses the production of renewable biological resources and their conversion into food, feed, chemicals, energy and healthcare wellness products via innovative and efficient technologies.
- The vast socio-economic potential offered by bioeconomy has spurred countries such as United States, EU Countries, South Africa, China, Australia, Canada, Finland and Russia to launch bioeconomy initiatives.
- Malaysia is the 2nd in Asia after China and the 1st in ASEAN to establish its own national bioeconomy initiative.
- As of 2010, Bioeconomy as a whole contributed up to 13.4 per cent of the total Malaysian Gross Domestic Product (GDP), a contribution equivalent to RM106.7 billion. This value encompasses economic impact from all sectors of economy that could possibly benefit from application of bio-based technology, like agriculture, chemical production, as well as oil and fat processing.
At a stimulated 15% annual growth, the size of the Malaysian Bioeconomy sector is projected to grow to RM149.1 billion in 2020 and RM181.2 billion in 2030 respectively.
WHAT IS BIOECONOMY TRANSFORMATION PROGRAMME (BTP)
BTP is part of the economic transformation programme, launched by YAB Prime Minister, Datuk Seri Najib Tun Razak on 30th October 2012 to further develop the bio-based industry in Malaysia. It is in line with the objective of the government to develop Malaysia into a high-income nation by the year 2020.
The BTP aims to achieve this by focusing on the specific bio-based industries in Malaysia, a sector that had been identified as a potential key strength of the nation due to the natural resources available.
During the launch of the BTP, 10 Entry Point Projects (EPPs) were identified to develop the national bio-based industry. Within these 10 EPPs, 20 private sector-driven Trigger Projects constitute the initial tranche of the launched ventures.
TARGETS OF THE BTP
BTP is targeted to contribute RM48 billion of the Gross National Income (GNI) in 2020, promote 170,000 of job opportunities and attract RM50 billion in investments by 2020.
Since the launch of the BTP in October 2012, BiotechCorp continued to identify high-impact bioeconomy projects within the bio-based industry that would contribute to these targets.
As of December 2014, a total of 31 Trigger Projects had been identified for inclusion into the BTP.