South Korea’s Lotte Energy Materials explores RM1.2 bln investment expansion in Sarawak

KUCHING (July 31): South Korea’s Lotte Energy Materials is planning to expand its investment in Sarawak by an estimated RM1.2 billion, with a potential additional re-investment of RM2.5 billion.

Deputy Premier Datuk Amar Awang Tengah Ali Hasan, who is Minister for International Trade, Industry and Investment, was informed of this when leading a Sarawak delegation to meet with the company in Seoul yesterday.

During the meeting, Lotte Energy Materials was led by senior vice president Park In-Goo.

“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, which is widely used in electric vehicles and energy storage systems,” said a press release issued following the meeting.

“Despite the global uncertainty, Lotte Energy Material has planned 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,” added the press release.