KUALA LUMPUR, Jan. 7 (Xinhua) -- Malaysia's bioeconomy sector will expand in value in the coming years and play an even bigger role in contributing to the country's gross domestic product growth, Science, Technology and Innovation Minister Chang Lih Kang said on Wednesday.
Bioeconomy Corporation, the lead development agency for the bio-based industry in Malaysia, is expected to drive this growth and lead Malaysia's bioeconomy towards global competitiveness, Chang said in a statement.
The ministry is confident that even greater value will be achieved in the coming years, particularly as the organization sharpens its focus over the next five years on six high-value, high-growth sub-sectors: next-generation proteins, regenerative propagation, sustainable materials, bio-based chemicals, regenerative medicine and precision diagnostics, he said.
Meanwhile, Bioeconomy Corporation Chief Executive Officer Mohd Khairul Fidzal Abdul Razak said that the corporation aims to generate at least 2.2 billion ringgit (0.54 billion U.S. dollars) in revenue from companies under its BioNexus Status and Bio-based Accelerator programs in 2026.
He added that it will also explore the adoption of digital and artificial intelligence (AI)-enabled solutions to help companies scale up and accelerate their growth more efficiently.
"The convergence of AI across agriculture, healthcare and industrial bioeconomy sectors is expected to strengthen food security, advance healthcare innovation, support the circular economy and unlock new economic opportunities," he said. ■
