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Malaysia should tap into huge business opportunity in biomass industry - Kok

PUCHONG, Sept 24 -- Malaysia should seize opportunities in bio-based business models, namely bio-energy, bio-agricultural, echo-products and bio-chemicals, that are capable of creating a new wave of bio-economy for economic growth.

Primary Industries Minister Teresa Kok said the four biomass businesses could help the country creating green wealth opportunities.

 "Last year, in the oil palm biomass industries, Malaysian Investment Development Authority had approved seven major projects with a total investment of RM243 million, triple of 2017 investment of RM78.4 million.

"Foreign investment constituted RM151.4 million, representing 62 per cent, while the domestic direct investment made up the remaining RM92.5 million," she said in her opening speech of the Malaysia Biomass Industries Seminar 2019, here today.

Her text speech was read out by the ministry’s secretary-general Datuk Dr Tan Yew Chong.

Kok noted that one of the significant approved projects was by Advance Fibre Sdn Bhd to convert oil palm trunks into veneer and plywood with proposed investment of RM74.1 million and a forecast of 150 job opportunities.

"Additionally, our local capital market via Bursa Malaysia’s LEAP Market has recently witnessed the successful listing of a biomass engineering company, Fibromat (M) Bhd, which uses biomass as feedstock to produce innovative eco-products in erosion control," she said.

Some 200 biomass stakeholders attended the one-day seminar, themed “Green Ocean Business Models, Market and Funding Opportunities”.

-- BERNAMA

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