MALAYSIAN Bioeconomy Development Corporation (Bioeconomy Corp) is now under the purview of the Ministry of Agriculture and Agro-based Industry (MOA), effective November 2, 2018.
The economic development agency for the bio-based industry was previously under the purview of Ministry of Science Technology and Innovation, now knowns as the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC) since 2005.
Chief Executive Officer of Bioeconomy Corp, Dr Mohd Shuhaizam Mohd Zain (pix), said that the movement to MOA will allow the agency to renew its focus in stimulating a dynamic, innovative and growing economy through the vast opportunities presented by the agriculture sector.
The change is also expected to facilitate closer and more direct cooperation with relevant players in the bio-based industry.
“According to our mapping study, 77% of the bio-based industry in Malaysia is within the agriculture sector, which makes the transfer to MOA a natural progress for Bioeconomy Corp.
With this movement to MOA, we anticipate that Bioeconomy Corp’s operations will bring a larger impact to the people of Malaysia.
“While our functions as an economic developmental agency to encourage the growth of the bio-based industry still remain the same, we now have a bigger role to play in delivering to the rakyat in terms of creating better opportunities for wealth, employment and standard of living,” he said.
Shuhaizam added that Bioeconomy Corp will continue its role in facilitating the development of biotechnology and bio-based industries in Malaysia through the agriculture, industrial and healthcare sectors.