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  • 10/23/2023
There is a need to have federal regulations and an agency to manage the rare earth element (REE) development value chain, said Howard Lee.

The Ipoh Timur MP told the Dewan Rakyat on Mon (Oct 23) that there is a need for such regulations to avoid any form of exploitation by irresponsible parties.

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Transcript
00:00 Translucent speaker, but I'm not that old, but I know that the song "Sejarah" might be repeated.
00:09 Petroleum and oil production have become a big deal in the age of high technology and cars use lithium batteries.
00:17 The next big thing with permission is rare earth, REE, rare earth elements.
00:22 17 rare earth elements, lanthanide 15, plus scandium and yttrium.
00:29 The product and usage of REE can be extended.
00:34 AI, quantum computing, new energy technology, green technology, 5G to 6G, mobile phone every year,
00:43 there is an advanced aerospace industry, including self-driving cars, self-driving lorries.
00:49 All of these can happen because of REE and without REE, everything stops here and there.
00:57 REE is a high commodity, significant geopolitically.
01:00 War can break out because of oil, in the past and now.
01:04 In the future, the history of Japan and US aggression against China,
01:12 and US aggression in Taiwan that made China and US have a fierce conflict,
01:18 all of these are the result of REE's sanctions against Japan by China.
01:25 We can look at the history further, but in conclusion, this is what we call E&E microchip war.
01:38 Just google TSMC, you will know the story.
01:41 The potential of REE is very wide and the government cannot let this wealth be exploited
01:50 as easily as the vegetables and fish being sold in our market.
01:55 The government is actually suggested to pass a law or establish an agency for the government to control,
02:04 manage and build the entire N2N with the permission of the REE network.
02:09 The government is not able to do it on its own.
02:16 If petroleum, we have Petronas.
02:20 REE, we also need an agency or GAC that will manage the results,
02:25 and establish the basic and legal requirements.
02:28 Then the question arises, do we have a truly significant REE wealth?
02:34 Are there any parties that are trying to stop this wealth without giving a return to the people and the country in a reasonable way?
02:45 Petronas has hundreds of lawyers, financial commodity analysts, economists,
02:51 and experts in the field of law in the field of ONG, in its audit, in its trading model.
02:57 Which state government is able to pay all these expenses?
03:02 That is one of the reasons why we see many Alibaba and Saka traders stealing the REEs in the north.
03:10 So, once again, I want to suggest that a law should be passed to take into account the long term effects of the REEs to the country,
03:20 so that the results and wealth are not cut off as easily.
03:24 It sounds a bit like a nationalist, but that is the reality.
03:27 We have to defend and fight too.
03:32 Thank you.
03:33 [END]

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