Monday, August 23, 2010

Pahang Aims For 100 Biotech Firms

KUANTAN: The Pahang Biodiversity-Biotechnology Strategic Action Plan which will be officially unveiled on Monday will help the state government generate a RM2 billion turnover and create 30,000 jobs in 10 years.
To be launched by Deputy Prime Minister Tan Sri Muhyiddin Yassin here, the plan will focus on three main areas, namely biotechnology, healthcare and the biotechnology-based industry.

State Information, Science, Technology and Innovation Committee chairman Datuk Mohd Sharkar Shamsudin said Pahang Technology Resources Sdn Bhd (PTR) and the state Economic Development Division would be the main agencies which would help implement all the projects and initiatives under the action plan.

"We hope to create about 100 biotechnology companies by 2020 with most of them as joint-effort ventures between international and local players," he said yesterday.

PTR, which is a state government subsidiary, will also handle Pahang Biotechnology Centre which will act as a one-stop centre for the industry.

Under the plan, Sharkar said the state government would also create a biodiversity bank that would help preserve the rich fauna and flora in the state, apart from setting up a biotechnology excellence centre and education unit which would focus on research and development in the field.

- NST -

Read more: Pahang aims for 100 biotech firms

Saudi Investors to Visit Malaysia After Ramadhan

(Source: Arab News, Jeddah, Saudi Arabia)By Rodolfo C. Estimo Jr, Arab News, Jeddah, Saudi Arabia
Aug. 23--RIYADH -- The Malaysian Embassy has announced that a number of Saudi investors will be traveling to Malaysia after Ramadan to explore investment opportunities in the East Coast Economic Region (ECER).

"The embassy has received a number of inquiries during the past few days from Saudi businessmen on the tax incentives offered by Malaysia to foreign investors. Some of them personally visited us," Ambassador Dato Syed Omar Al Saggaf told Arab News on Sunday.

He said that most of the inquiring Saudis were interested in investing in agriculture, manufacturing, petrochemicals, the special economic zone, and culture and heritage.

Al Saggaf said that the renewed Saudi interest in investment in Malaysia comes on the heels of a visit last month of a delegation headed by Prince Abdul Aziz Faisal Al Saud following a visit to the Kingdom in May of an ECER investment delegation led by National Corridor Development adviser Tun Abdullah Ahmad Badawi.

"The delegation sought investors in the oil and gas industry, particularly in the downstream industry," Al Saggaf said.

In a statement, Datuk Jebasingam Issace John, chief executive officer of ECER Development Council, said in a statement that firm commitments from Saudi investors are expected by the end of 2010.

Al Saggaf said tax incentives were offered in various sectors.

"In tourism, there are customized incentives based on merit, income tax exemption of 100 percent for five years for eco-tourism and an investment tax allowance (ITA) of 100 percent on qualifying capital expenditure for five years," the envoy-professor said.

He added that other incentives offered include stamp duty exemption on land acquired for development and withholding tax exemption on royalty and technical fees for ten years; and import duty and sales tax exemption on machinery, equipment and consumables that are not produced locally but are used directly in the activity.

Incentives are also offered to Saudi companies developing infrastructure for industrial parks.

"These include 100-percent income tax exemption for ten years starting from the year the company derives its statutory income. And an investment tax allowance (ITA) of 100 percent on qualifying capital expenditure for five years," Al Saggaf said.

The ambassador added that incentives are also offered in the areas of manufacturing, petrochemical, special economic zone, agriculture, education and culture and heritage.


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