BioMalaysia 2011/Pacific Rim Summit Raises Curtain on the Bioeconomy
BioMalaysia 2011 and 2011 Pacific Rim Summit on Industrial Biotechnology and Bioenergy were held jointly in Kuala Lumpur Nov. 21-23. The combined conferences attracted 453 local and international conference delegates and 118 global subject matter experts. The exhibition also featured more than 150 local and international exhibitors with over 300 booths.
Unveiling the country’s Biomass Strategy at the opening session, Perdana Menteri (Prime Minister) Malaysia Dato' Sri Mohd Najib Bin Tun Haji Abdul Razak explained how the strategy will create 70,000 jobs in new high value industries and generate RM30 billion in new income for Malaysia.
Najib discussed how countries around the world have formalized strategies and blueprints for a bioeconomy and are already enjoying its benefits. For instance, Najib noted, the OECD estimates that the bioeconomy will contribute a global average of 2.7 percent to GDP over the next 5 years. Canada’s bioeconomy was worth $86.5 billion (US) in 2010, contributing 7 percent to GDP and providing 1 million Canadian jobs. In Europe, the bioeconomy is worth nearly €2 trillion and provides approximately 22 million jobs.
Najib also cited a report that forecasts the market value of biomass-generated electricity at $53 billion by 2020 with biomass capital investment reaching $37 billion by 2015. In 2010 the global market for bioplastics achieved estimated sales of $2.74 billion. This value is expected to grow by 32.4 percent a year from 2011 to 2015, reaching an estimated value of $11.14 billion in 2015. As much as 10 percent of chemical production will come from biomass by 2030.
President Obama announced an initiative earlier this year to develop a bioeconomy in the United States.
BioMalaysia 2011/2011 Pacific Rim Summit on Industrial Biotechnology and Bioenergy was jointly organized by the Ministry of Science, Technology and Innovation (MOSTI), Malaysian Biotechnology Corporation Sdn. Bhd. (BiotechCorp), Biotechnology Industry Organization (BIO) and Protemp Exhibitions Sdn. Bhd.
“The organizing of the Pacific Rim Summit together with BioMalaysia this year is testament to the growing stature of BioMalaysia and the role it plays in the region and global biotech space,” commented Dato’ Dr Mohd Nazlee Kamal, Chief Executive Officer of BiotechCorp.
Prime Minister Najib welcomed attendees to both conferences by saying:
"I must congratulate the Ministry of Science, Technology and Innovation (MOSTI) and the Malaysian Biotechnology Corporation (BiotechCorp) for this collaboration with the U.S.-based Biotechnology Industry Organization (BIO), which I see as a significant milestone towards developing global and regional initiatives for information sharing, innovation exchange and entrepreneurial partnerships, in biotechnology.
"Certainly international gatherings such as BioMalaysia 2011 and the 2011 Pacific Rim Summit is where we hope to form the strategic partnerships between the East and the West to utilize the potential of biotechnology for the good of all societies."