KUALA LUMPUR, Aug. 4 (Xinhua) -- Malaysia aims to unlock the potential of its herbal industry and generate between 30 billion ringgit (about 7.33 billion U.S. dollars) and 50 billion ringgit in economic value over the next decade through stronger investment, innovation and industry collaboration, the country's Health Minister Dzulkefly Ahmad said on Monday.
The newly established National Herbal Development Council would drive strategic policies to transform Malaysia from a traditional herbal producer into a leading bioherb innovation hub in Asia by leveraging its biodiversity, biotechnology capabilities and halal ecosystem, he said in a statement.
According to him, Malaysia, one of the world's 17 megadiverse countries, has about 1,200 medicinal plant species identified in Peninsular Malaysia. He added that the country's natural resources should be translated into innovation, value creation and sustainable economic growth.
He called for a whole-of-government and whole-of-nation approach involving agencies, universities and industry players to accelerate policy implementation, reduce bureaucracy and strengthen the herbal value chain.
Key priorities include commercial cultivation of medicinal plants, clinical validation of herbal medicine, artificial intelligence-assisted phytochemical discovery, genomic research, intellectual property protection and the development of export-oriented halal herbal products.
Through carefully coordinated public and private investments, supported by the right policy priorities, Malaysia has significant potential to exceed initial market projections, he noted. ■