Invest more in biotech, Malaysia PM urges strong sectors

Biotechnology will be the main driver of development at all of Malaysia's economic corridors, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.

"I would like to see biotechnology drive all the economic corridors. These are areas where the population is multiracial and it will improve their quality of life," he said in his keynote address at the BioMalaysia 2008 conference and exhibition in Kuala Lumpur yesterday.

He urged businesses in strong sectors like palm oil to step up investment in biotechnology, and said those in other sectors, too, must apply biotechnology in their operations.

Abdullah stressed that the aim and spirit of the national biotechnology policy, launched three years ago, must be kept alive even if its implementation or approach was altered. The biotechnology policy concentrates on three major sectors -- agriculture, industrial, and medical and pharmaceutical.

"These three will find their own places in all five of the corridors," Minister of Science, Technology and Innovation Datuk Dr Maximus Ongkili said at a press conference later. He said there would also be a push for marine biotechnology in Sabah, while in Sarawak, aspects of biofuel would come into play.

He said the current financial crisis in the United States provided an opportunity for foreign investors to enhance or move their investments to Malaysia. "Because of the global scenario, Malaysia can be a suitable alternative for them to park their money," he said. With an expected economic growth of 5.5 per cent this year, Malaysia can still absorb the shock of external factors, he said. A

t a separate event, International Trade and Industry Minister Tan Sri Muhyiddin Yassin said the five investment corridors had attracted RM56.4 billion in investments as at July 31. Of these, 60 per cent or RM33.9 billion were foreign direct investments (FDI). The FDI into the growth corridors in the first seven months of the year is more than the RM33.4 billion worth of total foreign investments approved in the manufacturing sector for the whole of last year.......

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Source : NSTONLINE