KUALA LUMPUR, Oct 1 2018 : The Malaysia Australia Business Council (MABC) is calling for any review into the operations of Lynas Malaysia to be made public, transparent, objective and evidence-based in the interest of maintaining investors confidence.
In a statement today, the council said Lynas Malaysia should be provided with the opportunity to publicly defend its regulatory and environmental record since it commenced operations in 2012.
MABC said it was concerned about recent press reports concerning a review on the operations of Lynas Malaysia, which has been producing high-quality rare earth materials in Kuantan under extensive licensing conditions since September 2014.
“While the government’s right to conduct a review of the operations is not questioned, it is important that such a review should be to assess any breaches of its licence or for not meeting acceptable international standards.
“The credibility of the review, including the composition of the review team and the terms of reference, is critical to ensure that it does not damage Malaysia’s reputation as a stable and open investment destination,” it said.
MABC said Malaysia has long been regarded as an attractive investment destination because of its reliable legal framework, predictable economic, political and policy environment, and demonstrated openness to investment from the government and the local business community.
Australian businesses have invested almost RM30 billion in Malaysia as of end-2017, across a range of productive economic sectors, including manufacturing, services, agribusiness, resources and the digital economy.
“This investment has created thousands of jobs for Malaysians and helped boost the country’s economic development, intellectual property and skills base,” it added.
MABC represents the interests of Australian businesses in Malaysia with a mission to promote greater trade and investment ties between the two countries. – Bernama