Kuala Lumpur (PTI): Malaysia said it has the attributes and credibility to evolve as a regional biotechnology hub for production and supply of a wide range of halal products and services.

These products and services could be marketed to the Muslim communities and the entire global market, Malaysian Biotechnology Corporation (BiotechCorp) chief executive officer Skandar Mizal Mahmood told leaders from the D-8, Group of Eight Developing Countries at their summit here.

Under the country's development plan, the Malaysian Government has allocated two billion ringgit (1 ringit = 3.2 US dollar) to enhance application of biotechnology in various economic sectors, including developing the halal industry.

The D-8, is an economic grouping comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

Meanwhile, Bangladesh felt that there should be a limit to the extent of high food prices influenced by the surge in demand for biofuel. "The debate is to what extent?" Bangladeshi Foreign Minister Dr Ifthekar Ahmed Chowdhury said on the sidelines of the meeting.

"We have good experience in tackling food shortages, not necessarily the cost, and are prepared to share it with D-8 member states. We will be happy if we are able to reduce the cost somewhat," he added.