GYEONGJU (South Korea), Oct 31 — Namhae Chemical Corporation has expressed continuous interest in sourcing raw materials—especially rock phosphate, potassium chloride and green ammonia—from Malaysia for its chemical fertiliser production, said Prime Minister Datuk Seri Anwar Ibrahim.
He said Malaysia offers a reliable and competitive base for the South Korean conglomerate’s future supply chain and production partnerships, leveraging the country’s research institutions and industrial parks.
“Through the Malaysia External Trade Development Corporation (Matrade), Malaysia stands ready to facilitate Namhae Chemical’s business expansion and sourcing diversification in Malaysia.
“Malaysia also welcomes discussions on possible investment in Malaysia’s green ammonia and chemical value chain, to position Malaysia as their strategic partner in Asean,” Anwar said in a statement after a meeting with the company on the sidelines of the Asia-Pacific Economic Cooperation (Apec) Economic Leaders’ Meeting held here.
The prime minister said he looks forward to deepening this partnership and supporting Namhae Chemical’s future growth in the region based on a shared focus on sustainability and innovation.
“This diversification aligns well with Malaysia’s growing capacity in sustainable fertiliser inputs and our transition towards green industrial ecosystems under the National Energy Transition Roadmap (NETR) and New Industrial Master Plan (NIMP) 2030,” he said.
Also present at the meeting were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz and Namhae Chemical Corporation executive vice-president Kang Nam-Kyung.
Namhae Chemical, a subsidiary of the National Agricultural Cooperative Federation (Nonghyup), is the 10th-largest conglomerate in South Korea.
The company, which is the largest producer of chemical fertilisers and industrial chemical products in the country with a 42 per cent market share, exports to 20 countries.
As a large-scale raw material buyer, the company’s annual sourcing amounted to RM3.22 billion in 2024. Major sourced products are ammonia (27 per cent), urea (11 per cent), rock phosphate (13.3 per cent), potassium chloride (3.3 per cent) and sulphur (3.5 per cent).
Meanwhile, Anwar said the proposed collaboration between South Korea-listed JS Link and Lynas Malaysia to set up a magnet manufacturing plant in Malaysia underscores the country’s robust industrial ecosystem, skilled workforce and pro-investment policies.
“The collaboration will help create a sustainable supply chain for rare earth magnets, which are critical components in electric vehicles (EVs), renewable energy systems and high-tech manufacturing,” he said.
Anwar, who is also the Finance Minister, said the government looks forward to supporting JS Link and its joint-venture partner in realising this project, which would not only strengthen Malaysia’s role in the regional rare earth ecosystem but also contribute to global efforts in building a secure, transparent and sustainable supply chain for critical minerals.
Earlier, Anwar had a separate meeting with JS Link, which was attended by JS Link chief executive officer Lee Jun Young and Lynas Malaysia managing director Datuk Seri Marshal Ahmad.
In July this year, Lynas Rare Earths Ltd said it signed an initial pact with JS Link to develop rare earth permanent magnet production in Malaysia.
Under the memorandum of understanding, Lynas will work with JS Link to develop a facility to manufacture up to 3,000 tonnes of neodymium-iron-boron-type permanent sintered magnets near its advanced materials plant in Kuantan.
The South Korean firm has been expanding its operations into the rare earth permanent magnet industry, aiming to build a sustainable global supply chain by moving aggressively to secure a foothold in the rare earth magnet supply chain. — Bernama
