“Bio-economy and its connection to the knowledge-based economy”, Prof Elsadig Musa Ahmed
ELSADIG MUSA AHMED
Faculty of Business Multimedia University 75450, Melaka Malaysia
Purpose: This paper aims to explain bio-economy as a new stream of knowledge-based economy that exists in the new era of the Information and Communications Technology (ICT).
Design/Methodology/Approach: Bio-economy refers to the production of a wide range of goods and services from plant, animal and forest-based material. It is more than just grain-based bio-fuels or bio-diesel as extensively highlighted in Latin America. It is related to biotechnology and other bio-activities based on knowledge generated from the bio-activities and extension of the knowledge-based economy.
Findings: The main concern of developing bio-economy is the environmental damage caused through the undesirable output produced by the bio-economy activities. Bio-economy is centred on Research and Development (R&D) collaborations across different sectors, including the public and private sectors, in order to breakthrough new products through invention and innovation
Originality: For bio-economy to be realised and put into practice, it should have a well-developed regulatory framework as a platform in order to run and work smoothly.
Keywords: Bio-economy; knowledge-based economy; environment; R&D; regulatory framework