By DayakDaily Team
KUCHING, July 31: Sarawak is set to see a significant boost in its industrial landscape as Lotte Energy Materials, a leader in advanced battery materials, announced plans to expand its investment in the region.
This expansion, valued at an estimated RM1.2 billion, comes with the potential for an additional reinvestment of RM2.5 billion, according to Park Ingoo, the company’s Senior Vice President.
The announcement was made during a meeting held on July 29 in Seoul, attended by a Sarawak delegation led by Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan.
“Lotte Energy Materials is a leading provider of advanced battery materials. The company has established its first overseas factory in Samajaya Free Industrial Zone, Kuching, Sarawak to manufacture Elecfoil.
“Elecfoil is widely used in electric vehicles and energy storage systems. Despite the global uncertainty, Lotte Energy Materials has planned to expand their business in Sarawak, making Sarawak the key hub to produce cutting-edge battery materials,” a press release said.
The planned expansion of the facility is expected to create over 200 new jobs, significantly contributing to industrial growth and boosting the local economy.
This project underscores Lotte Energy Materials’ dedication to supporting regional development and fostering new economic opportunities in Sarawak. — DayakDaily
