Business

Mara Corp-Lynas tie-up will help reduce unemployment

National Traders and Entrepreneurs Association Malaysia president Erwan Tahir.

Zaidi Azmi
Written by Zaidi Azmi

KUALA LUMPUR – November 8, 2019: The National Traders and Entrepreneurs Association Malaysia (Perdana) foresees that the recently signed collaboration between Mara Corporation and Lynas Corporation will pare the graduate unemployment rate.

In a statement today, Perdana president Datuk Seri Erwan Tahir said the partnership entails the development of rare-earth-related downstream industries which will ultimately create thousands of high-skilled jobs for Malaysians.

“In fact, it was stated that up to 67 per cent of our graduates will benefit from this initiative. Perdana is optimistic that the collaboration will also help to elevate the economic position of the Malays and Bumiputera.

“We have been keeping a close watch on Lynas, especially on the government’s confidence of the company’s ability to not only attract additional foreign investments but also to uplift Malaysia’s green industry and technology,” reads the statement.

According to a statement by Education Minister Dr. Maszlee Malik, nearly 60 per cent of first-degree holders and above remained unemployed after one year of graduating with job-education mismatch being identified as one of the leading factors.

Mara Corporation signed a memorandum of understanding with Lynas on Monday, in which the tie-up centres on human capital, downstream diversification and the commercialisation of Lynas’ non-hazardous residue.

At the signing, Mara Corporation chairman Akhramsyah Muammar Ubaidah Sanusi said Malaysia is fortunate to have Lynas operating in the country, adding that it was time for the government to develop opportunities that are in accordance with Shared Prosperity Vision 2030.

Rare-earth is an essential input to modern technologies and high growth industries. Key items which use rare-earth include magnets, catalytic convertors, batteries, electronics, polishing powders, modern military equipment and water treatment chemicals.

Lynas is the world’s largest rare-earth manufacturer outside of China and currently produces 20 per cent of global output.

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Zaidi Azmi

Zaidi Azmi

If Zaidi Azmi isn’t busy finding his way in the city, this 26-year-old northern kampung boy can be found struggling to make sense of the Malaysian political scene. Zaidi can be reached at zaidiazmi91@gmail.com.