00:00CERDC and the company by other are the U.S.
00:30If not, these minerals are exported to China.
00:37Firstly, the price is low.
00:40Secondly, it will run out quickly.
00:44Thirdly, we will lose the opportunity to get high-tech investment in Malaysia.
00:53The dynamic of the REI industry is that China is the dominant country.
01:06The laws of China do not allow the processing of REI abroad.
01:16This is one of the things that needs to be managed by the government.
01:22I think the government's desire to implement the processing plan in Malaysia will continue.
01:32It will be an important agenda at the national level.
01:40The negotiations will continue.
01:45Will there be a second REI?
01:48I think the government will leave the room for Malaysia to negotiate the process.
01:59What is China's reaction so far?
02:04Negotiations between the countries should not be held.
02:10If all things work well, which setting should we focus on first?
02:23Most probably, it will come together. Upstream is easy.
02:27Even before we were talking about the processing plan,
02:35some of the upstream activities had already taken place.
02:42There were some in Kedah, some in Perak.
02:46It's just that this was exported as carbonic raw materials, which commands very low value.
02:56The main difference of this administration is putting that very ambitious target
03:05that we want to develop our REI beyond the traditional exporting of raw materials.
03:12It's just that, as I mentioned in my speech, our view is that this cannot be done sequentially.
03:20It means that we cannot go, let's focus and do this quietly first
03:26and get the downstream processing plan operational.
03:32Then we start talking to partners to bring in the next level investments.
03:37Investors need to know that this is Malaysia's plan,
03:41that our ambition is to begin processing in three years' time
03:46because they need a lot of time to reconfigure their business plan.
03:51The knowledge that Malaysia aspires to have processing plans in three years' time
03:58will allow partners from around the world, Japanese investors, to take that into consideration.
04:06I feel that if we are able to do that and if the federal government is able to pull it off,
04:12then the organic growth and clustering of the more downstream industry will happen by itself.
04:19That's the reason, for example, today we have this session
04:23because it's very important to communicate to Japanese investors
04:28that this features prominently in the government's plan
04:33and that will allow them to talk to us further.
04:37Investment doesn't take one or two weeks.
04:40Investment takes years.
04:43At the very least, I'm hoping and I think what will happen is that
04:49East Coast is no longer just being seen as East Coast.
04:54Suddenly East Coast is an investment destination
05:01that is able to attract high-value and high-technology investments,
05:07which is very different from what we have today.
05:10That process is already happening and we will take a few years
05:14and we have to deliver some of the key components of the whole master plan.
05:21But I think the roadmap and the plan is quite robust in order to balance.
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