South Korean fertiliser producer Namhae Chemical Corporation has agreed to increase imports of Malaysian ammonia and green urea fertiliser, in a deal valued at around RM500 million, Prime Minister Anwar Ibrahim said today.
The announcement came during a press conference with Malaysian media marking the conclusion of his participation at the Apec Economic Leaders’ Meeting in Gyeongju, South Korea.
Namhae Chemical is South Korea‘s largest producer of chemical fertilisers and industrial chemical products. The company has a 42% domestic market share and exports to 20 countries.
As a major raw-material buyer, the company sourced RM3.22 billion worth of materials in 2024, including ammonia (27%), urea (11%), rock phosphate (13.3%), potassium chloride (3.3%), and sulphur (3.5%).
Anwar also highlighted progress on Malaysia’s rare-earth processing industry in Pahang, where Korean permanent magnet manufacturer JS Link, in a previously announced partnership with Lynas Malaysia, is expanding its production of high-value materials, including super magnets.
“JS Link has already bought land and refurbished an old factory to speed up operations,” he said, adding that the project is valued at RM600 million.
In July, Lynas Rare Earths signed an initial agreement with JS Link to build a facility in Kuantan, Pahang, to produce up to 3,000 tonnes of neodymium-iron-boron permanent magnets.
The magnets are the strongest type of permanent magnets available, used in wind turbines, MRI scanners, and other devices requiring high torque and power.
Separately, Anwar noted that around 15 US-based multinational companies have expressed interest in either expanding or facilitating investment in Malaysia.
Among them are Microsoft, Amazon Web Services, Philip Morris International, and JP Morgan Chase, covering sectors including pharmaceuticals, semiconductors, and financial services.
