SEOUL: Lotte Energy Materials plans to expand their investment in Sarawak, which is estimated to be worth RM1.2 billion, with a potential additional re-investment of RM2.5 billion.

This was highlighted during a meeting yesterday in Seoul, South Korea between LOTTE Energy Materials and a delegation from Sarawak led by Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

To note, 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, Park Ingoo, Senior Vice President of LOTTE Energy Materials said the company has plans to expand their business in Sarawak, making Sarawak the key hub to produce cutting-edge battery materials.

The expansion of the facility is expected to generate more than 200 new jobs, which will foster industrial growth and contribute to the local economy. 

This project also reflects their commitment and dedication to support regional development and create new economic opportunities.

Also present during the visit were Deputy Minister for International Trade, Industry and Investment Sarawak Datuk Dr Malcolm Mussen Lamoh, Deputy Minister for Youth, Sport and Entrepreneur Development, Datuk Dr Ripin Lamat, Advisor of Small and Medium Enterprise for the Ministry of International Trade, Industry and Investment Dato Sri Mohd Naroden Majais and other senior government officials.-UKASnews