BELURAN (BERNAMA) – Sabah will hold a 30-per-cent stake in the MYR400 million high-yield coconut plantation and coconut-based manufacturing facility project developed by Linaco Resources Sdn Bhd in Paitan, Sabah Chief Minister and Finance Minister Dato Hajiji bin Noor said.
He said the state government is providing 2,000 hectares for the high-impact project, which is expected to contribute MYR1.2 billion annually to Sabah’s economy.
Dato Hajiji said under the project, which is part of the Sabah Maju Jaya (SMJ) investment initiative, Linaco will set up infrastructures for the project which is expected to provide more than 4,000 jobs once fully operational in 2026.
“This MYR400 million project will definitely create a big impact. With an expected MYR1.5-billion annual income, surely the economic spillovers will transform Paitan and create employment opportunities to Paitan and nearby communities,” he said when launching the project at a plantation site on Saturday.
The memorandum of understanding (MoU) was inked between the state government and Linaco Resources Sdn Bhd to develop Sabah’s coconut-based industry in March last year. The company is investing MYR200 million for the development of a high-yield coconut plantation and another MYR200 million for the coconut-based manufacturing facility.
The chief minister gave an assurance that the state government will push its development agenda to bring progress to Sabah and its people, whereby MYR561.81 million was being allocated to finance the needs of the agriculture sector, which was one of the three main thrusts of SMJ under this year’s State Budget.
He said the Sabah International Business and Economic (SIBES) 2022 Summit in January this year has sparked interests among local and foreign investors on the state’s investment potential.