KUALA LUMPUR: Malaysian Bioeconomy Development Corp (Bioeconomy Corp) and France-based industry association Cosmetic Valley are joining forces to develop a RM500 million customised cluster model, Langkawi Cosmetic Island in Langkawi, Kedah by end of this year.
Spanning over a 300ha site in Ulu Melaka, the cluster development comprises three phases.
Bioeconomy Corp chief executive officer Datuk Dr Mohd Nazlee Kamal said the entire development is expected to be completed in the next five years.
"The first phase of this development will kick off sometime in December," he told a press conference after signing and exchanging a collaboration proposal agreement here today.
The event was officiated by Minister of Science, Technology and Innovation Datuk Seri Madius Tangau.
Nazlee added that the customised cluster is expected to house facilities that can cater for a variety of purposes, including manufacturing, packaging, formulation, product development as well as production of high-value materials in plantations.
The synergy between both parties is expected to transform Malaysia into the Asean gateway for herbal, cosmetics and perfumery.
The proposed collaboration agreement seeks to establish an international network for business development and collaboration among Malaysian and French companies as well as to facilitate collaborative research development and innovation activities in both countries.
The development of this collaboration can encourage more companies and researchers to leverage on the proposed infrastructure for the expansion of the bio-based business, besides generating more innovative products that can contribute to the global market.
"With the support from Cosmetic Valley, we can achieve the goal of developing a dynamic herbal, cosmetics and perfumery industry," Nazlee said.
Previously known as Malaysian Biotechnology Corp Sdn Bhd, Bioeconomy Corp is also collaborating with Kedah state government and several private sectors to implement this customised cluster, which will cover the entire value chain of herbal, cosmetics and perfumery industry.
"This has the potential to catalyse new economic expansion and increase revenue streams for Kedah, further boosting bioeconomy growth in the state," Nazlee added.
Earlier, Tangau said the cluster development project will be part of rhe larger bioeconomy agenda in further pushing forward the local cosmetics and perfumery industries to the global scene.
"Malaysia will be the first in Asean to build the herbal, cosmetics and perfumery cluster in collaboration with France," he said.