Malaysia must capitalise on the potential of the rare earth elements industry, says PM

KUALA LUMPUR: Malaysia has urged to fully exploit the significant potential of its rare earth elements (REE) industry, particularly from local sources, according to Prime Minister Datuk Seri Anwar Ibrahim (pic).

In chairing the National Economic Action Council (MTEN) Meeting Number 6 for 2024, Anwar stressed that collaboration with international players possessing expertise must be aimed at developing the entire industry chain within the country.

“Enforcement activities must also be strengthened to prevent the exploitation of national resources, which would reduce government revenue and hinder the growth of the REE industry in the country.

“The meeting also examined proposed frameworks, including significant shifts to make Malaysia a preferred business destination, in line with the country’s current position in the global competitiveness index,” he stated in a social media post on Monday (Aug 5).