KUALA LUMPUR, March 7 – Malaysian Bioeconomy Development Corporation (Bioeconomy Corp), the main economic development agency for the biotechnology industry, has formed a bilateral collaboration with TusStar Malaysia, one of the largest technology incubator networks in China.
According to Bioeconomy Corp, this strategic collaboration is to boost the biotechnology industry in Malaysia and China.
Bioeconomy Corp said in a statement that TusStar Malaysia, which represents China companies, plans to benefit more than 400 companies with BioNexus and Bio-based Accelerator status under the guidance of Bioeconomy Corp to overcome the main challenges in the sectors of agritechnology, bio health, and bio industries.
The agency said this strategic collaboration also aims to connect technology solution providers from China in the TusStar Malaysia network with collaboration partners led by Bioeconomy Corp.
This will promote joint efforts in conducting research and development, pilot-level testing and advancing commercialisation in these sectors, the agency added.
With nearly 220 billion yuan (RM146 billion) in venture capital funds as well as a track record of investing in more than 22,000 innovative technology companies worldwide, TusStar Malaysia and its venture capital partners are keen to explore opportunities in Malaysia, it added.
The collaboration was launched during the second China-Malaysia Science, Technology and Innovation Conference at MRANTI Park in the presence of Economy Minister Rafizi Ramli.
Bioeconomy Corp chief executive officer Mohd Khairul Fidzal Abdul Razak said that with more than 300 global innovation network sites across 70 countries, TusStar Malaysia offers comprehensive support for Malaysian biotechnology and bio-based companies that want to penetrate the China market.
This includes face-to-face consultation, document translation, improvement of the pitching guide in Chinese, media exposure on the TusStar platform and others, he said.
“TusStar Malaysia’s expertise and resources play a major role in supporting the development and commercialisation of bio-based technologies in Malaysia. We are happy to collaborate with key players like TusStar Malaysia in promoting the integration and application of technology in the biotechnology and bio-based industry.
“This will drive rapid technological growth between Malaysia and China in addition to building stronger economic ties in both countries, in line with our commitment to build a bioeconomy for all,” he explained.
According to Mohd Khairul, Bioeconomy Corp also wants to work with TusStar Malaysia in promoting the TechInnoStar Pitching Program to facilitate foreign investment into bio-based technology and solution providers in Malaysia.
“As a result of our initial collaboration, Fuciphagus Agritech Sdn Bhd, a BioNexus status company involved in sialic acid extraction and 3D printing of bird’s nests and related products, has successfully advanced to the final stage of the TechInnoStar Pitching Program.
