Kuala lumpur: Malaysia will undertake an expansion of the bamboo industry as it eyes a bigger market share of the growing global demand for the plant, a Malaysian official said on Thursday. The initiative aligns with the country's strategic plan to capitalize on the increasing economic value of bamboo worldwide.

According to Namibia Press Agency, the global value of bamboo exports stood at 70.78 billion U.S. dollars in 2024 and is projected to rise to 74.26 billion dollars this year. By tapping into this growing market, Malaysia stands to gain significant economic benefits, as noted by Deputy Minister of Plantation and Commodities Chan Foong Hin during an event. He highlighted the crucial role of bamboo in global development and demand, emphasizing that bamboo cultivation in Malaysia now exceeds 4,000 hectares, largely driven by private sector efforts to meet domestic market needs.

Chan further elaborated that over 577 local entrepreneurs are currently involved in various bamboo-related sectors. He underscored the transition of bamboo from being viewed as a traditional material to a competitive modern commodity with significant potential. The focus is on high-value bamboo product innovation, skills development, and the adoption of modern technology, with comprehensive stakeholder participation.

Additionally, Chan mentioned that the government, in cooperation with the Malaysian Timber Industry Board (MTIB), is actively conducting various ongoing studies on value-added downstream products. These efforts are aimed at strengthening the development of bamboo-based technology and innovation, supported by technical advisory services and human capital development training programs in bamboo plantation and technology.