25 February 2013| last updated at 11:40PM
KOTA KINABALU: Biotechnology could be a way to overcome the challenges faced by the agricultural sector as well as ensure food security in the future.
Taiwanese businessman Datuk Tony Pang Shih Hao, who is the chief executive director of a bio-organic and biochemical fertilisers company, said biotechnology could solve problems like infertile soil, disease outbreaks, pest and bad weather.
"The United States, despite its limited land for cultivation compared with China, still manages to ensure adequate food supply for its citizens," he said, adding the US is the world's most innovative country when it comes to biotechnology.
He said this during a talk titled "Agricultural Revolution in the Biotechnology Era" at the recent BioBorneo 2013 conference here.
Pang, whose company has factories and research facilities all over Asia, said running businesses based on agricultural biotechnology could be a costly affair.
"However, my company is willing to spend about RM7 million annually for its research work to improve products and, thus, increase profits.
"As the Malaysian government provides tax incentives for green-technology research development, we should make full use of it," he said, adding his factories were in Sabah and Johor.
Pang said tie-ups with universities and the Malaysian Agricultural Research and Development Institute (Mardi) also helped minimise costs.
"The biotechnology application process in Sabah, a rich biodiversity state, offers remarkable potential for wealth creation.
"Those who would like to venture into this field are advised to have unique and value-added products relevant for global needs, tailor-made to meet market demand, and to get validation and recognition from the relevant authorities."
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