- Anwar invites Korean firms; JS Link invests 600M ringgit ($142.9M) in Pahang magnets.
- Malaysia's 16.1M ton reserves; 2023 export curbs for value addition.
- AI shift: Nvidia, Google invest; 10-year advanced nation goal via Korea ties.
Prime Minister of Malaysia, Anwar Ibrahim, in an exclusive interview with Maeil, shared that he would be pleased to see South Korean businesses investing in the country's rare earth mineral sector, which is going to be the next big thing after JS Link Inc.'s commitment to the Pahang value chain. Anwar, quoting the fast approval time for JS Link's 600 million ringgit ($142.9 million) investment in permanent magnet production facilities, said, "Korea is a good friend of Malaysia," while interacting with Korean President Lee Jae-myung.
Malaysia is holding back on rare earth exports with its estimated 16.1 million tons of rare earth reserves, and it has put a stop to export of unprocessed rare earths globally in September 2023 in an attempt to reduce the outflow and increase the returns. Thanks to this partnership with an Australian company, JS Link is able to guarantee a stable supply of the crucial raw material for high-performance sintered permanent magnets, thus creating opportunities for Korean companies to purchase the locally processed rare earths.
Also Read: Trump Secures Trade, Minerals Deals in Southeast Asia
Moreover, Anwar has also illustrated a plan to raise Malaysia's high-tech sector by focusing less on Penang's semiconductor packaging hub and more on AI leadership. He mentioned that companies like Nvidia, Microsoft, Google, and Infineon are investing due to the country's political stability and good governance. Besides Lee, Anwar was the only one to meet Nvidia CEO Jensen Huang during the summit. They discussed broadening AI data centers.
"If we are able to keep up with this tempo, in 10 years Malaysia can be one of the advanced countries," Anwar stated while talking about AI's role in the sectors of education, administration, and customs and naming Korea as a key partner. The collaboration between Malaysia and Korea will not only help them to stay connected but also to be more dependable and innovative in the supply chain system as the global demand for rare earth used in EVs and AI is increasing and is expected to reach $10 billion by 2030.