KUALA LUMPUR: Former prime minister Tun Dr Mahathir Mohamad's true capabilities will only be demonstrated if he successfully attracts foreign investment and rare earth element (REE) processing technology to the country, said Economy Minister Rafizi Ramli.
He said the REE industry was 90 per cent dominated by China, and most of the companies which have technologies for processing REE were state-owned Chinese companies.
"There are only a few non-Chinese companies with this technology. Discussions at the federal government level have decided that efforts should be made to persuade investors to share REE processing technology by establishing processing plants in Malaysia.
"Dr Mahathir's true capabilities will be evident if he succeeds in bringing foreign investment that introduces REE processing technology to a plant in Malaysia.
"I am confident that this will create healthy competition, as the federal government and Perikatan Nasional (PN), which governs four states, are eager to prove who can most effectively bring REE processing technology to Malaysia.
"If not, the plan announced in Bangi will remain just an aspiration," he said in a post on X.
It was previously reported that Dr Mahathir, who is also the Perikatan Nasional-led state governments (SG4) advisory panel chairman, had said he would establish a joint company to further advance the administration controlled by the opposition.
He said each state would hold 25 per cent of the company's shares to ensure that less developed states, such as Perlis, also receive the same benefits as other states.
These companies, he said, would focus on REE elements which he believed they would become a source of wealth.
Yesterday, Pas secretary-general Datuk Seri Takiyuddin Hassan said the SG4 Group Sdn Bhd, established by the four opposition-governed states, was open to any state interested in joining.
Takiyuddin added that the company did not bind any state, allowing them the freedom to decide whether to remain in or exit the company.
"SG4 Group Sdn Bhd is a company registered with the Companies Commission of Malaysia. As a registered company, it has shareholders, and they can exit the company at any time if they choose not to stay.
"In fact, it is also open to any other states interested in joining the company. So far, only the four states are part of the it," he said.