By Olivia Miwil - March 19, 2022 @ 4:51pm
BELURAN: The Sabah government will hold a 30 per cent stake in a RM400 million high-yield coconut plantation and coconut-based manufacturing facility project in Paitan, here.
Developed by Linaco Resources Sdn Bhd, the state government is setting aside 2,000 hectares of land for the project which will contribute some RM1.2 billion annually to Sabah's economic coffers.
The company will also set up all necessary infrastructure for the project, which is expected to provide some 4,400 job opportunities once it is fully operational in 2026.
Speaking at the launch of the project, Sabah Chief Minister Datuk Seri Hajiji Noor said the Memorandum of Understanding (MoU) inked between the state and Linaco Resources Sdn Bhd to develop Sabah's coconut-based industry last March is finally becoming a reality.
Present were Deputy Chief Minister cum state Agriculture and Fishery minister Datuk Seri Dr Jeffrey Kitingan, Agriculture and Food Industries Minister Datuk Seri Dr Ronald Kiandee, State Secretary Datuk Seri Safar Untong and Linaco Executive Director Joe Ling.
Hajiji said that the company is investing RM200 million for the development of a high-yield coconut plantation and another RM200 million for the coconut-based manufacturing facility.
"This RM400 million project will create a big impact.
"With an expected RM1.5 billion in annual income, surely the economic spillovers will transform Paitan and nearby communities as well as create employment opportunities.
"A total of RM561.81 million has been allocated to the agriculture sector, which is one of the three main thrusts of Sabah Maju Jaya, in this year's state Budget," he said in a statement.
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