The Ministry of Science, Technology and Innovation (Mosti) has identified five primary perspectives for developing an ecosystem of advanced materials technology, which includes rare earth elements (REEs), the Dewan Rakyat was told today.
Its Deputy Minister Arthur Joseph Kurup said the perspectives include funding and financing as well as infrastructure development.
For that purpose, he announced that Mosti has implemented a number of initiatives for technology development, skill enhancement and policy formulation.
“The establishment of the National Advanced Materials Consortium (NAMC), which will serve as a communication hub for business development, will foster networking opportunities and engagements among stakeholders,” he said during the question and answer session.
He was responding to a question from Ahmad Amzad Hashim (PN-Kuala Terengganu) about how the National Advanced Materials Technology Roadmap may assist the government in its plan to capitalise on REEs in the country.
In addition, Arthur said the Malaysian Nuclear Agency is responsible for providing technology and infrastructure for the development of REEs in the upstream and midstream ecosystems.
He said that apart from graphene, nitinol, and microcrystalline cellulose polymers, REEs have been identified as one of the advanced materials that would bring market potential to industry players, with the global REE market size reaching US$5.6 billion in 2021.
Arthur added that the growing demand for electric vehicles also contributed to the increased demand for REEs.
- Bernama
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