MITI SAYS READY TO BE INVOLVED IN LEGAL AMENDMENTS TO EMPOWER REE INDUSTRY

KUALA LUMPUR, Nov 28 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) is ready to be involved in an engagement session to examine the amendment of the Mineral Development Act 1994 (Act 525), particularly in facilitating the development of the rare earth elements (REE) industry from the upstream to the midstream and downstream levels.

Deputy Minister Liew Chin Tong said the amendment by the Ministry of Natural Resources and Environmental Sustainability (NRES) is important to ensure that legislation related to minerals is up-to-date and relevant to the current situation of the minerals industry.

"MITI is ready to look at the obligation aspects of international trade agreements to ensure that the development of the downstream REE industry is given priority based on national interest. An effective amendment to the Act will provide clarity in policy because investors need certainty and clarity in the legal framework to make investment decisions," he told the Dewan Rakyat today.

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Liew said that the amendment of the Act that deals with environmental issues, resource management and governance will signal to investors that Malaysia is committed to the sustainable and responsible development of the REE industry.

To ensure the comprehensive development of the REE industry value chain, Liew said the government will focus on developing a more holistic and integrated industrial ecosystem. For that purpose, Liew said a special task force had been established this month to discuss the issues and set the direction for developing the REE industry in Malaysia.

"This special task force is responsible for looking at aspects related to investment, technology, and incentives including research, development, commercialisation and innovation,” he added.

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-- BERNAMA