KUALA LUMPUR: The Malaysian Biotechnology Corp (BiotechCorp) and the Northern Corridor Implementation Authority (NCIA) are aiming for households in the northern-region states to achieve RM48,000 in income per capita by 2020 through the development of bio-based industries under the Northern Corridor Economic Region (Koridor Utara) programme.
It is estimated that the current average per capita income is RM23,500 compared to the national average of about RM33,600.
“The bio-based sector contributed 2.2% of national gross domestic product (GDP) as of December 2014.
“We are now working together towards contributing 13% of GDP from the bio-based industry in the northern region, which is equivalent to RM20bil, to the country by 2020,” said BiotechCorp chief executive officer Datuk Dr Mohd Nazlee Kamal.
As BiotechCorp enters a third-year partnership with NCIA, both bodies seek to further support the industry by correctly identifying anchor investors and key enablers that would help create a conducive business environment in the northern region.
The partnership will see a boost in investments and the development of a talent pool as measures to realise and enhance the potential of all players in the industry.
“The market size of the bio-based industry in the northern region, including that of the agriculture biotech, industrial biotech and biomedical sectors, is estimated to reach RM80bil by 2020,” stated Mohd Nazlee.
According to Mohd Nazlee, the company is centred on existing established industries, especially in the electrical and electronics (E&E) and agricultural sectors, to leverage on its strength.
“The E&E industry has been a strong contributor to Penang’s economic growth.
