LAMP Project's Location in Malaysia Shows Foreign Investors' Confidence

KUALA LUMPUR, June 19 (Bernama) -- The decision by Lynas to locate its Lynas Advanced Materials Plant (LAMP) project in the country shows the confidence of foreign investors in the investment opportunities and the ability of Malaysia to compete in various aspects involving the advanced technology industry. Thus, the chairman of the Parliamentary Select Committee (PSC) on LAMP Mohamed Khaled Nordin said the project should be taken up as a challenge to portray Malaysia's credibility as a country that could manage any high-value investment. "Malaysia's success in managing this advanced technology will prepare us better to be recognised as a progressive nation," he said when presenting the committee report at the Lower House of Parliament (Dewan Rakyat), here, Tuesday. Apart from being economical, he said, the selection of Malaysia was also based on the business and investment environment which were more condusive, as compared to other options such as China and United Arab Emirates (UAE). Therefore, to ensure that the country would benefit from the project in developing the scientific and technology capability, he said the committee suggested among others, one per cent from the gross income of the LAMP project each year to be reserved for the rare earth technology's research and development. "Fifty per cent from it would be used to implement research activity which would be supervised by a committee established by the Science, Technology and Innovation Ministry, while another 50 per cent is for the research activity of residue management which will be supervised by the Atomic Energy Licensing Board," he said. Mohamed Khaled said, another suggestion by the committee was to increase the opportunities of the local operators to venture into downstream industries that use high-tech rare earth products. On the socio-economic benefits of the LAMP project to economic growth, he said the committee concluded that among others, the increased income derived from foreign currency exchange was up to RM2.5 billion (US$791 million) through the whole project. He added, other benefits would be the technology transfer through local staff training which could boost the economy of the service sector estimated at RM65.8 million (US$20.8 million) a year. --BERNAMA