Malaysia and South Korea have reached an agreement in biotechnology, regarded as one of the key drivers of Malaysia's economic development, Deputy Prime Minister Najib Razak said today.

According to Bernama , Najib said the agreement would be signed in Sabah tomorrow between University Malaysia Sabah and Korea Research Institute of Bioscience and Biotechnology (KRIBB).

This would allow the creation of a biotechnology centre.

KRIBB conducts research into a variety of fields including medical care, environmental cleanup and the development of new energy sources.

"South Korea already has four such centres in the world. The one to be set up in Malaysia really signals that country's intention to cooperate with us in biotechnology research," Najib said.

Headed by PM

Prime Minister Abdullah Ahmad Badawi in April announced the establishment of the Malaysian Biotechnology Corporation under a council headed by himself, to identify and assist in ventures, including tax breaks.

South Korea also signalled its willingness to share knowledge on satellite technology, Najib said.

"They have built high performance satellites and, as such, they are ready to cooperate with us ... so that we too are able to advance our capabilities in satellite technology," he said.