KUALA LUMPUR, July 10 2019 : Malaysia is expected to attract investments of RM100 billion from the downstream sector using rare earth products over the next decade, says Entrepreneur Development Minister Datuk Seri Mohd Redzuan Mohd Yusof.
He said the downstream industry included the manufacture of electric vehicle (EV) batteries and other digital devices, such as smartphones.
“We have received enquiries and expressions of interest from industry players to invest in the downstream sector using rare earth products in this country.
“But, they need better clarity in the standard operating procedure (SOP), despite Malaysia already having relevant laws in place,” he told a press conference after delivering a keynote address at ‘The Future of Rare Earth Industries in Malaysia’ roundtable meeting here, today.
“We want to explore sectors that can use rare earth in order to attract downstream industry investments, but we need to follow the SOP and best practices to safeguard the environment, health and safety in the country, which we cannot compromise,” he said.
Redzuan also stressed that any country had the right to kick out investors who failed to abide by the law or follow best practices applied in the country.
Earlier in his keynote address, the minister said it was important for the government to ensure the rare earth industry to be fully developed to among others, support Malaysia’s plan of having its third national car project.
He said Malaysia had been striving to be on par with countries like Vietnam, which was heading towards the full-EV era by 2030.
He said due to the United States being the beneficiary of the rare earth’s end products, it was important for Malaysia to continue developing the industry so it could leverage on the needs and subsequently, increase export and economic growth.
Redzuan said Malaysia has been the world’s second-largest rare earth exporter after China. – Bernama