Its newly appointed chief executive officer, Dr Mohd Shuhaizam Mohd Zain said the review would be based on demand and updated technology.
“We need to review some of our policies before because things change year by year. We also need to see the demand and it involves processes, as well as the existing technology.
“We have to be flexible to cater to the upcoming technologies,” he said during a casual meeting with the media on Monday.
Launched by Prime Minister Datuk Seri Najib Tun Razak on Oct 30, 2012, the BTP is aimed at further developing the country’s bio-based industry, while becoming a dedicated platform for the private sector to channel and maximise its commercial opportunities.
The BTP is targeted to contribute RM48bil of the gross national income in 2020, create 170,000 jobs and attract RM50bil in investments by 2020.
“When the RM50bil is estimated, it is based on the actually statistics that they have. When that number is actually projected and without the interference of the economic crisis where it hits most of the sectors, such as biopharma,” Mohd Shuhaizam said, adding that the review would be carried out with the participation of the industry.
Mohd Shuhaizam said currently, Bioeconomy Corp was preparing a market study to identify sectors and countries to generate more yield for bionexus companies aspiring to venture abroad.
He added that the market study, which was expected to be completed by year-end, aimed at helping bionexus companies to capture between 25% and 30% market share out of US$10mil in agriculture-based and renewable energy industries.
To date, Bioeconomy Corp, the lead development agency for the bio-based industry, has 286 BioNexus status companies under its ambit. - Bernama