RM51.6b invested in Sabah biotech sector to date
Published on: Tuesday, April 21, 2015
Kota Kinabalu: A total of RM51.6 billion of RM147 billion in investment commitments has gone into biotech efforts in Sabah from 2008 to March 28 this year, thanks to the Sabah Development Corridor (SDC) Action Framework. Deputy Chief Minister cum Agriculture and Food Industries Minister Datuk Seri Yahya Hussin said the government has long noticed the potentials of biotechnology and due to the State's rich biodiversity, Sabah has been a boon to investors. "It is without a doubt Sabah is one of the most interesting investment destinations in the country," he said during the launching of the Bio-Borneo 2015, here.
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He noted that the SDC has now reached the second stage of its Action Framework, which aims to boost the State's Biotechnology Central Action Plan. Some of these initiatives include its flagship projects namely Palm Oil Industrial Cluster (POIC), Sabah Agro-Industrial Precinct (SAIP), Keningau Livestock Integrated Centre and the Integrated Marine Cluster, which are now in "various stages of completion." Yahya said the Keningau Livestock Integrated Centre that aims to rear high milk producing hybrid cows is expected to generate RM763 million in investments, which will be channeled to the districts of Keningau, Sook and Nabawan.
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"We still require more investments in the field of bio-economy," said Yahya, adding that the creation of the centre promises highly-skilled work as well as a boost to the State's dairy industry. Biotechnology is the use of living systems and organisms to develop or make products, or "any technological application that uses biological systems, living organisms or derivatives thereof, to make or modify products or processes for specific use."
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In the various effort to woo local investments, Yahya said a special incentive package from the Federal Government was also created to assist investment under the SDC flagships, which include a statutory tax relief package for up to 10 years, investment tax allowance and import duty exemption. Meanwhile, Science, Technology and Innovation Minister Datuk Ewon Ebin said the ministry was also involved directly in the field of biotechnology in Sabah in three entry point projects. He said through Biotech Malaysia, the ministry expects to contribute RM1.18 billion to the national Gross National Income through its inputs in bio-based agriculture, high-value bio-based materials and food, which are divided into six pioneer projects. Furthermore, a RM20 million fund has also been created to commercialise the bio-tech products of locals through the Yayasan Inovasi Malaysia Social Innovation Fund. Ewon said the Yayasan Inovasi Malaysia, which has carried out the Jejak Inovasi programme to document homemade products, has found a total of 3,000 products in Sabah worth to be commercialised. The fund, he said, is now open for application through the foundation. "An applicant may not get much but it's a start for them to commercialise their products. We want to ensure that their produce would have an impact on the economics of their community," he said. Meanwhile, more than 30 booths and hundreds of participants took part in the one-day Bio-Borneo Conference and Exhibition which was held for the second time here in Sabah. Stay up-to-date by following Daily Express’s Telegram channel.
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