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Future of Rare Earth Industries in Malaysia

The date of: 2019-07-05
viewed: 2

source:Yahoo Finance

KUALA LUMPUR, Malaysia, July 4, 2019 /PRNewswire/ -- In recent weeks, the global rare earth industry has taken centre stage in the trade discussions between the US and China. Rare Earths are essential inputs to the automotive industry and will become more important with the growth in electric vehicles, the electronics industry, Oil & Gas and renewable energy. China currently dominates the Rare Earths industry with over 80% share. With these recent tensions industrial users all over the world are concerned about continuing supply. 

Malaysia is uniquely positioned to develop an alternative Rare Earth supply chain and take a long-term and strategic position in key growth industries. The future of Malaysia's high-tech industry aspirations lie with the ability to participate in the downstream processing of rare earth for global markets. This Multi-Billion Dollar opportunity to participate in the critical materials value chain must be seized before other regional players attract the requisite expertise and investment to overtake Malaysia's current lead.

The key question for Malaysia is how will the country move forward with industry development that empowers entrepreneurs and creates high value employment in this high value sector. To achieve this objective, Malaysia must have a clear vision, coherent strategies, backed by clear policies and driven by industry leaders with the financial capacity to take advantage of global opportunities.

The Malaysia Global Business Forum has organized a high-level round table which will be held on 10 July, 2019 to discuss the future of the rare earth industry in Malaysia. 

The roundtable discussion will include policy makers, industry players, government linked corporations, government development agencies, academics and other stakeholders to assist with charting a strategic direction and recommended next steps. Y.B. Datuk Seri Mohd Redzuan bin Md Yusof, Minister of Entrepreneur Development will deliver the keynote address.     

'We need to develop the right Ecosystem to ensure the success and high value local participation in future High-Tech government initiatives such as Aerospace and the 3rd National Car,' stated Akhramsyah Muammar Ubaidah bin Sanusi, the Chairman of MARA Corporation, the private sector arm of a leading economic development agency for Bumiputeras in Malaysia.

'Building on Lynas' strategic position as the only rare earth plant outside of China, MARA Corporation, as part of MARA's mandate to pursue Economic Development, is keen to collaborate in building the Human Resource base, pursue rare earth-based Technology Development and of course the Investment Opportunities presented.'

'In addition, we look forward to building on the already significant Bumiputera participation in rare earth processing through Lynas where more than 90% of the staff are Malays, including technologists and operators at the cutting edge of the sciences involved,' continues Akhramsyah, who will be speaking at the roundtable.   

To assist with charting a positive future for the country the Malaysia Global Business Forum will hold a high-level roundtable with potential strategic partners as it aims to become an advanced economy leveraged off the rare earth value chain.

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