Overall ecosystem of downstream industry sector
RESEARCH UNIVERSITIES & INSTITUTIONS
Mining/ Extraction
FINANCIAL INSTITUTIONS
CHEMICAL & RAW MATERIAL EQUIPMENT & MACHINERIES
INDUSTRIAL GAS PACKAGING LOGISTICS
TESTING & SERVICES
TRAINING
SUPPORTING INDUSTRY
ENABLER
Separation
SUPER MAGNET
MANUFACTURERS/AS- SEMBLERS/ TRADERS
SYSTEM INTEGRATION / END USERS
ELECTRIC MOTORS
Metal Refining
CATALYST
END OF LIFE MANAGEMENT
BATTERY
ELECTRICAL APPLIANCES
Manufacturing
REGULATORS & FACILITATORS
MEDICAL DEVICES
POLICY MAKERS
MIGHT Analytics
At the same time, companies have collaborated and taken steps in moving forward towards championing the rare earth industry. For example, UMW partnered with Lynas by signing a Memorandum of Understanding (MoU) to collaborate in developing the downstream industry. UMW aims to build manufacturing plants that can produce 10,000 tonnes of super magnets and 5 million units of energy-efficient electric motors annually by 2030. UMW is set to invest RM1 billion and RM3 billion for each plant as part of a funding round that would uplift UMW’s portfolios in the EV and RE global value chain.
However, the journey towards industry development is not without challenges. Navigating the complexities of the innovation process, coupled with the inherent scepticism that can come with rare earth industry, requires resilience and determination. Companies may face obstacles in terms of securing funding, finding partners, and gaining credibility within established industries. Yet, through a consortium, these challenges can be addressed more effectively, leverage collective expertise, and promote responsible, sustainable growth. A collaborative approach not only enhances the industry’s economic viability but also contributes to technological innovation and environmental stewardship on a global scale.
Engagement with rare earth itndustry players
Supporting and nurturing the local talent is paramount to ensuring a bright future for the rare earth industry. Educational institutions, governments, and industries play a crucial role in creating an environment where talent development can flourish. Initiatives such as science fairs, innovation competitions, and mentorship programmes provide platforms for the young talent to showcase their ideas and get advice from the experts. After all, the collaboration of today’s rare earth stakeholders holds the promise of shaping a brighter and more resilient industry tomorrow.
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry
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