KUALA LUMPUR: The Ministry of Science, Technology and Innovation (MOSTI) is optimistic of achieving at least 500 certified nanotechnology products by 2030, which is a significant increase from its initial target of 300 products.

MOSTI Deputy Minister Datuk Arthur Joseph Kurup said the optimistic overview was following a positive response displayed from the period of 2021 and 2022 whereby a total of 74 products certification had managed to be secured, surpassing its initial target of 50 products during the said period.

"The global nanotechnology market is expected to experience a significant growth, rising from USD7.33 billion in 2022 to USD114.54 billion with a Compound Annual Growth Rate (CAGR) of 41 per cent during the forecast period of 2023 to 2030.

"The country has established itself as a recognized hub for nanotechnology research, development and commercialization with a growing pool of skilled researchers, world class research institutions, and a supportive policy environment. We are well postioned to become a global leader in this field," he said.

He said that during his officiating speech before launching NANOTrust and GRAPHENEVerify, which is a new certification scheme for the advancement of the nanotechnology and graphene industry in Malaysia under the purview of NanoMalaysia Berhad and NanoVerify Sdn Bhd.

Commenting on the the newly launch certifications scheme he said it is aligned with the Malaysia MADANI pillars of sustainability, innovation and trust to drive the nanotechnology sectors as one of the nation's engines of growth.

"The NANOTrust and GRAPHENEVerify Product Certification Schemes, under the NANOVerify Programme, offer opportunities for small and medium enterprises with products containing nano elements to secure a credible seal of trust for wider market penetration, both locally and abroad.

"MOSTI is proud to support NanoMalaysia Berhad and NanoVerify Sdn Bhd for the rollout and implementation of these schemes. Such support will empower the growth of over 1,000 local nanotechnology and graphene product segments with projected collective value of RM640 million by 2025," he said.

The event also saw 29 companies ranging from cosmetics, industrial sectors, food and beverage sectors, is given the certifications for its products which had been certified by the schemes.

-- BERNAMA