This comes after reports that Panasonic Corp will close its solar panel factories in Japan and in Malaysia because of increased competition from Chinese manufacturers.

In a Facebook post today, Najib hoped the government would find new foreign investors to buy over the Kulim factory so workers there would not lose their jobs.

“Perhaps there are local players or government-linked companies that could invest or take over the factory, making it more competitive as a Malaysian brand?

“After all, Malaysia has been the third-largest solar panel manufacturer after China and Taiwan since the BN reign.

“When I was PM, I envisioned Malaysia coming up tops in the high-tech industry and in the green energy industry, which led us to be the third-largest exporters of solar panels in the world,” he said.

Najib said that with yearly exports valued in the billions, the solar panel industry in Malaysia has been booming since 2008, with production in Penang, Kedah, Perak, Melaka, Sarawak and Cyberjaya in Selangor.

He said one of the main elements in these panels is neodymium, which is mined at the Lynas plant in Kuantan, the world’s second-largest producer of the element.

In July last year, Panasonic said its earlier planned sale of the Kulim solar panel plant to Chinese company GS Solar had fallen through after the prospective buyers failed to fulfil their contractual obligations.

Panasonic had said it would look for other partners to restore profitability in the solar business by March 2023. It also said it would continue running the Kulim plant.

Today, Reuters reported that Panasonic would be pulling out of the solar panel business completely, with plants to close from April, and would now source solar panels from other makers. It cited increasing price competition from Chinese manufacturers.