Mosti Identifies Five Perspectives For Developing Advanced Materials Technology Ecosystem

KUALA LUMPUR, Nov 15 (Bernama) -- 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 Datuk Arthur Joseph Kurup said the perspectives include funding and financing as well as infrastructure development.

For that purpose, he said 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 Datuk 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 worldwide REE market size reaching USD5.6 billion in 2021.

Arthur added that the growing demand for electric vehicles has led to increased demand for REEs.

-- BERNAMA