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South Korea’s Lotte Energy Materials to invest RM2.3 bln in Sarawak plant for copper foil production

South Korea’s Lotte Energy Materials to invest RM2.3 bln in Sarawak plant for copper foil production

06 Aug 2023

South Korean company Lotte Energy Materials is planning to invest a further RM2.3 billion in its Sarawak plant to produce copper foil, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

“Lotte Energy Materials bought over the Sarawak plant from Iljin Materials, which has already invested over RM3 billion and plans to invest another RM2.3 billion to produce copper foil, a high-grade industrial material used in all electronics and lithium-ion batteries,” he said in a statement issued following a meeting and discussion with the company’s chief executive officer Kim Yeon Seop in Seoul on Friday.

In this regard, Awang Tengah, who is also International Trade, Industry and Investment Minister, expressed his gratitude for the company’s interest in expanding its operations in Sarawak.

“Thank you to Lotte Energy Material for its confidence in Sarawak by continuing to invest and expand its operations in Sarawak, and we welcome this type of high-tech and high-value project.

“This is in line with the Post-Covid Development Strategy 2030 that promotes economic prosperity, social inclusivity and environmental sustainability,” he said.

Also present at the meeting were Malaysian ambassador to the Republic of Korea Datuk Lim Juay Jin; the deputy International Trade, Industry and Investment minister Datuk Dr Malcolm Mussen Lamoh; ministry’s advisor Datuk Mohd Naroden Majais; ministry’s acting permanent secretary Dzulkornain Masron; Ministry of Natural Resources and Urban Development permanent secretary Datu Zaidi Mahdi; Land and Survey Department director Datu Abdullah Julaihi; Regional Corridor Development Authority chief executive officer Datu Ismawi Ismuni; Sarawak Energy Berhad chief operating officer James Ung; Petros vice president upstream Jeremy Wong and Malaysian Investment Development Authority (South Korea) director Ruhizam Idris.

Source: Borneo Post