Malaysia needs to take advantage of the great potential of the rare earth industry – PM Anwar

KUALA LUMPUR: Malaysia needs to take full advantage of the huge potential of the rare earth (REE) industry, especially from local sources, said Prime Minister Datuk Seri Anwar Ibrahim.

While chairing the National Economic Action Council (MTEN) Meeting Number 6 of 2024, Anwar stressed that cooperation with international players who have expertise must be based on the ultimate goal of developing the entire domestic industry chain.

“Enforcement activities also need to be streamlined to avoid the country’s resources being exploited, which will reduce revenue for the government and inhibit the development of the country’s REE industry.
“The meeting also examines the proposed framework, including a major shift to make Malaysia a preferred destination for doing business, in line with the country’s current position in the global competitiveness index,” he said through a post on his social media page today.

Anwar said the government is confident that these efforts will be able to increase investor confidence and further strengthen the country’s economic base.