Tag Archives: malaysia

Malaysia Goes Biotechnology Way

Malaysia is realizing the importance of biotechnology and for that purpose it has allocated a sum of around RM210 million in its budget for developing its biotechnology sector. Malaysia has plans to acquire technology through the Biotech Acquisition Programme with a grant of RM60 million. Under the Biotechnology Commercialization Fund, commercialization of R&D findings would be undertaken by international corporations and companies. Along with that around RM59 million have been allocated under the R&D for production of pharmaceutical and nutraceutical products, genomics and molecular biology and promotion of agro-biotechnology activities. The government is also planning to set up Bio Innovation Centre in order to offer site facilities and equipment for new companies in order to undertake bio-manufacturing activities and commercialization. Some of the other incentives which the Malaysian government would be offering are: First: bionexus companies be given income tax exemption for 10 years, beginning from the first year the company is profitable. Second: after the expiry of the 10-year exemption period, a bionexus company will be taxed at a concessionary rate of 20 per cent for another 10 years. Third: tax deduction equivalent to the amount of investment made in seed capital and early stage financing be given to companies or individuals investing in bionexus companies. Fourth: stamp duty and real property gains tax exemptions be given to a bionexus company undertaking merger with or acquisition of a biotechnology company, within a period of five years. Fifth: buildings for research activities related to biotechnology be given Accelerated Industrial Building Allowance, whereby the cost of constructing or acquiring the building is written off over a period of 10 years.

Malaysia Wants To Learn Biotechnology

Malaysia has realized the importance of biotechnology and in order to realize its dreams is roping in two Bay Area partners to become a biotechnology center. It is trying to emulate Singapore which has been quite successful in this area. In order to make it possible the country is in the process of launching $200 million venture capital fund which would be co-managed by Burrill &Co. and Malaysian Technology Development Corporation. It seems that the whole of Asia is gearing up to do something in the field of biotechnology.