The South Korean company, which bought Iljin Materials last year and rebranded the Kuching factory, had already invested more than RM3 billion in the plant, the Borneo Post reported.

“Lotte Energy Materials plans to invest another RM2.3 billion to produce copper foil, a high-grade industrial material used in all electronics and lithium-ion batteries,” Awang Tengah said in a statement on Friday.

According to the Kuching-based news daily, Awang Tengah had headed a Sarawak delegation to Seoul in his capacity as state international trade, industry and investment minister, and met with Lotte chief executive officer Kim Yeon Seop.

Awang Tengah said Sarawak was grateful to Lotte for the investment, while adding that it was in line with the state government’s post-Covid development strategy.