Bioeconomy Corporation & TusStar Malaysia Collaborate to Shake Up Biotech in Malaysia & China

KUALA LUMPUR, March 6, 2024 --

Malaysian Bioeconomy Development Corporation, the leading economic development agency for the biotechnology and bio-based industries under the purview of the Ministry of Science, Technology and Innovation (MOSTI), has formed a bilateral collaboration today with TusStar Malaysia, part of China’s largest technology incubator network. The cooperative partnership was launched during the 2nd China-Malaysia Science, Technology and Innovation Summit at MRANTI Park in the presence of Malaysia’s Minister of Economy, YB Tuan Mohd Rafizi bin Ramli.

Under this groundbreaking collaboration, TusStar Malaysia, representing the Chinese companies, seeks to leverage Bioeconomy Corporation’s portfolio of over 400 BioNexus Status and Bio-based Accelerator companies to address core challenges in agritechnology, healthcare bio, and bioindustrial sectors. The strategic partnership also aims to connect China’s technology and solution providers within TusStar Malaysia’s network with collaborative partners facilitated by Bioeconomy Corporation, thus promoting joint efforts in conducting R&D, pilot testing, and advancing further commercialisation in these sectors.

With a global network of over 300 innovation bases spanning 70 countries, TusStar Malaysia offers comprehensive support for Malaysian biotechnology and bio-based companies entering the Chinese market, including one-to-one consultations, document translation, Mandarin pitch deck refinement, media exposure on TusStar platforms, and more. Chief Executive Officer of Bioeconomy Corporation, En Mohd Khairul Fidzal Abdul Razak remarked, “TusStar Malaysia’s expertise and resources will be instrumental in supporting the development and commercialisation of bio-based technologies in Malaysia. We are pleased to partner with such a giant player in promoting technology integration and infusion within the biotechnology and bio-based industries. This will not only drive strong mutual technological growth between Malaysia and China, but also builds stronger economic ties in both countries, in line with our commitment to building a bioeconomy for all.”

With nearly RMB 220 billion (about MYR 146 billion) in venture capital funds and a track record of investing in over 22,000 innovative technology companies worldwide, TusStar Malaysia and its venture capital partners are eager to explore opportunities in Malaysia. According to En Mohd Khairul, Bioeconomy Corporation intends to collaborate with TusStar Malaysia in further promoting the TechInnoStar Pitching Programme to facilitate foreign investments into Malaysian bio-based technology and solution providers. “As a result of our initial collaboration, Fuciphagus Agritech Sdn Bhd, a BioNexus Status company involved in sialic acid extraction and 3D printing of edible bird’s nest and its related products, has been successfully shortlisted for the final pitching session. This demonstrates the strong competitiveness of local biotechnology companies as Fuciphagus is one of the five Malaysian companies selected in the final round out of hundreds of global companies participating in this programme. This also signals promising interest from Chinese venture capital firms in Malaysian companies and Bioeconomy Corporation is keen to assist more companies under its facilitation to capitalise on similar opportunities,” he added.

By facilitating the exchange of expertise, technology, and investment opportunities, Bioeconomy Corporation’s collaboration with TusStar Malaysia supports the National Biotechnology Policy 2.0 under MOSTI, which calls for the advancement of Malaysia’s biotechnology capabilities through international collaboration. 

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