GOPENG, Sept 23 — The Science, Technology and Innovation Ministry 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 was because if the country were to export rare earth raw materials, it would not be able to help develop related industries.
The ban meant that the government would 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 Sept 11, Prime Minister Datuk Seri Anwar Ibrahim said the government would ban the export of rare earth raw materials to avoid exploitation and loss of resources, and guarantee maximum returns for the country.
Anwar, in saying this when presenting the mid-term review of the 12th Malaysia Plan (12MP) at the Dewan Rakyat, 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.
