Materia Medica Malaysiana

Biotech policy: Investors can expect tax incentives, pioneer status

PETALING JAYA: Investors can expect tax incentives and pioneer status among other perks when the Government unveils its biotechnology policy on April 28.
The Government wants to push biotechnology, which is seen as the country’s new growth area, to boost the economy and create thousands of highly skilled jobs.
The biotechnology sector is expected to contribute 5% to Gross National Product by 2020.
The Government is also likely to create an agency to co-ordinate and implement new policies that can eliminate red tape and ensure efficiency in biotechnology operations.
Prime Minister Datuk Seri Abdullah Ahmad Badawi is expected to announce details of the nation’s biotechnology drive at the BioMalaysia 2005 conference in Putrajaya on April 28, which will be attended by international biotechnology investors, scientists, financiers and policymakers.