Biomass sector on track to meet RM25 bln investment target by 2020 - MIDA

The country's biomass sector is on track to meet its target of attracting RM25 billion in investments by 2020, in accordance with the National Biomass Strategy 2020, said Malaysian Investment Development Authority (MIDA).

Its Chief Executive Officer (CEO), Datuk Azman Mahmud, said the projection took into account the sector's foundation and ecosystem.

"We are optimistic of achieving the investment target with the current momentum, while constantly engaging with investors, locally and internationally," he said at a press conference on the coming International Biomass Conference 2017 (IBCM2017) on Oct 19-20, 2017.

The conference, themed 'Biomass Industry Revolution 4.0: Innovation-led Bio-Based Economy', will be held in Kuching, Sarawak. It is expected to attract over 1,000 global professionals and industry players.

From 2011 to 2016, 226 biomass projects with investments worth RM2.92 billion were recorded, RM1.97 billion of which were from domestic contributions, he said.

"As the technology advances, investments in the biomass sector should also increase," he said.

National Innovation Agency CEO, Naser Jaafar, said the conference would discuss the sustainability of the biomass economy and ways to capitalise on the digital economy.

"We have to create high value-added products, as industries are beginning to mobilise in line with the e-commerce boom," he said.

For more information on the conference and registration, visit http://ibcm.my.

-- BERNAMA