Business

Biotechcorp eyes RM3 billion worth of investments by year-end

The Malaysian Biotechnology Corp (BiotechCorp) hopes to secure close to RM3 billion worth of investments in the local biotechnology sector by year-end, surpassing its initial target of RM1.7 billion.

Chief executive officer Datuk Dr Mohd Nazlee Kamal said close to RM2 billion of investments has been clinched, with almost equal proportions of foreign and local investments.

"We hope to announce a few more investments coming into Malaysia at the upcoming BioMalaysia and BioEconomy Asia Pacific 2013 conference and exhibition on Oct 21-23 at the Persada Johor International Convention Centre in Johor Bahru," he told a press conference on the event here today.

Mohd Nazlee said the bulk of the potential investors are from The United States, Japan and France.

"The global biotechnology market is expected to reach US$321 billion by 2015 with a compound annual growth rate (CAGR) of 7.42%, whereby the Asia Pacific market is fast outgrowing The United States and Europe at 10.88% CAGR per annum.

"This is good for the region, especially for Malaysia, as we are one of the most competitive biotechnology hubs in the region," he said.

BiotechCorp will focus on expanding the businesses of local players abroad, and already four out of the 224 BioNexus companies have gone for listing, he said.

"Some are listed in the local bourse, the London Stock Exchange and the Australian Securities Exchange.

"We are gearing towards the listing of another two companies next year. This time we are most probably looking at dual listings," he added.

The BioMalaysia and BioEconomy event, jointly organised by BiotechCorp, Ministry of Science, Technology and Innovation and Protemp Exhibitions Sdn Bhd, will showcase presentations, new product launches, product demonstrations and business partnering sessions. - Bernama, July 31, 2013.

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