Nextgreen Global Berhad (Nextgreen) signed a Memorandum of Agreement (MOA) with Malaysian Bioeconomy Development Corporation Sdn Bhd (Bioeconomy Corp) to collaborate on the potential of enhancing biomass into higher value products using biotechnology applications for biomaterial and agricultural farm sector.
Under this MOA, Nextgreen, a pulp and paper manufacturer, and Bioeconomy Corp intends to collaborate to support the National Biotechnology Policy 2.0 flagship programme and the National Biomass Action Plan 2022-2025.
“It will also promote the application of biotechnology in the production of downstream products from local biomass, including biofertilizer from empty fruit bunch based pulp and paper waste water, animal feed from oil palm fronds, and biomaterials from oil palm empty fruit bunches.
“The partnership will also advocate for the adoption of the BioNexus status and bio-based accelerator programmes among small businesses in the biomass sector,” it said in a statement today (Nov 17).
Managing director Datuk Lim Thiam Huat signed the MOA on behalf of Nextgreen while Bioeconomy Corp was represented by its chief executive officer Mohd Khairul Fidzal Abdul Razak, which took place at One World Hotel, Bandar Utama, Selangor.
Lim said in line with the group’s commitment towards embracing a circular economy, it eagerly anticipate exploring the potential products that can be produced from biomass.
“We have studied biomass production for some time and looks forward to working together with Bioeconomy Corp to foster
innovation, responsible resource management, and promote environmental sustainability, contributing to broader sustainability goals at the national and global levels.”
Meanwhile, Mohd Khairul Fidzal said Bioeconomy Corp is thrilled to share goals in fostering a sustainable bio-based market with Nextgreen as its circular economy approach in converting their oil palm waste into higher value products is a strong showcase of Malaysia’s biomass potential.
“In 2021, the Malaysian fertiliser industry was valued at RM4.72 billion and is expected to double to RM9.2 billion by 2026. Similarly, the animal feed market, valued at RM16.5 billion in 2021, is projected to reach RM17.5 billion by 2026.
“Through this MOA, Bioeconomy Corp will champion ESG principles and redefine industries through bio-based innovations,” he said.
Bioeconomy Corporation stands as the primary economic development agency for biotechnology and bio-based industries in Malaysia.
Formed in 2005, it is owned by the Minister of Finance Incorporated and Federal Lands Commissioner, operating under the Science, Technology and Innovation Ministry (Mosti).