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Malaysian rare earth companies eligible for incentives

The Malaysian Ministry of Investment, Trade and Industry (MITI) said companies that carry out high-technology activities as well as small and medium enterprises (SMEs) may also be considered for special incentives under the Promotion of Investments Act 1986.

Illustrative image (Photo: asianewstoday.com)
Illustrative image (Photo: asianewstoday.com)

Kuala Lumpur (VNA) – Companies involved in midstream and downstream production activities of rare earth elements (REE) are eligible to be considered for incentives under the Malaysian Promotion of Investments Act 1986, namely Pioneer Status and Investment Tax Allowance.

The Malaysian Ministry of Investment, Trade and Industry (MITI) said companies that carry out high-technology activities as well as small and medium enterprises (SMEs) may also be considered for special incentives under the same Act.

These incentives aim to encourage the development of high value-added activities to strengthen Malaysia’s position as a global and regional REE processing hub, it said in a written reply to Dewan Negara published on the Parliament website on December 8.

MITI also informed that Malaysia is also actively exploring cooperation opportunities with interested countries that possess the latest upstream-to-downstream REE technologies.

It added that the development of the local REE industry is aligned with national policies, particularly the New Industrial Master Plan 2030 (NIMP 2030) and the National Advanced Materials Technology Roadmap 2021–2030 (NAMTR 2021–2030)./.

VNA
#Malaysian Promotion of Investments Act 1986 #rare earth elements Malaysia
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