GOPENG, Sept 23 — The Science, Technology, and Innovation Ministry (Mosti) backs the government’s proposal to ban the export of rare earth raw materials, a move that would guarantee maximum returns for the country.
Its minister Chang Lih Kang said this is because if the country were to export rare earth raw materials, it would be unable to help develop related industries.
The ban means the government will also be able to promote the development of downstream industries through technology and related expertise.
“We need to develop downstream industries of rare earth to add value to the national economy.
“This policy of banning the export of rare earth raw materials is also carried out in other countries such as Indonesia,” he told reporters after officiating the Gopeng 2.0 Science, Technology, Engineering and Mathematics (STEM) Carnival here today.
On September 11, Prime Minister Datuk Seri Anwar Ibrahim said the government will ban the export of rare earth raw materials to avoid exploitation and loss of resources, and guarantee maximum returns for the country.
Speaking during the presentation of the mid-term review of the 12th Malaysia Plan (12MP) at the Dewan Rakyat, he said a new National Minerals Policy will also be drafted to drive comprehensive development of the mineral industry based on the principles of sustainability and responsibility.
— Bernama
