MALAYSIA is positioned among the top 10 countries with mismanaged plastic waste in the world, hence the urgent need for investments to commercialise and manufacture new plant-based biodegradable plastics.
VentureTECH has taken up the challenge with its RM10 mil initial investment in Gaia Plas Bhd, a Malaysian company principally involved in providing end-to-end solution for all-packaging products.
In line with efforts to promote the competitiveness of Bumiputera companies, VentureTECH’s investment in Gaia will help the commercialisation of Malaysia’s first biodegradable jerry can in the near future.
Lending support for Bumiputera companies seeking investment in green technology bodes well with the national agenda of boosting market growth locally and regionally for new bio-based products in green packaging as well as other alternatives for plastics.
“VentureTECH is proud to be involved with a resilient and bold Bumiputera company like Gaia which despite facing the current business challenges has continuously pushed its boundaries to develop biodegradable plastic to address the environment crisis,” VentureTECH managing director Norida Rahman pointed out.
The investment in Gaia will also help materialise the Government’s aim of ensuring green business contributes about 1.5% (RM60 bil) to Malaysia’s gross domestic product (GDP) by 2030, while fulfilling VentureTECH’s mandate to increase Bumiputera’s industry participation in high growth, higher value-added industry.
Additionally, Gaia is dedicated to developing local talent by providing infrastructure and knowledge to students via its existing collaboration with University Teknologi MARA (UiTM).
Presently, Gaia is serving both local and overseas clients from the US, Singapore, Pakistan, and Egypt. The company has ambitious business diversification plan to sell its green products both locally and overseas, primarily in Europe.
Since its inception – and with the addition of Gaia – VentureTECH has invested and committed to invest in 23 Bumiputera technology industry leaders in the targeted bio-based, emerging and green industries with aggregate investee net worth surpassing the RM1 bil mark. – Dec 22, 2020.
