KOTA KINABALU: The Sabah government is set to hold a 30% stake in the RM400mil high-yield coconut plantation and coconut-based manufacturing facility project developed by Linaco Resources Sdn Bhd in Sabah's north-eastern Beluran district.

       Chief Minister Datuk Seri Hajiji Noor said that the state government provided 2,000ha of land for the high-impact project and they expected the project to return up to RM1.2bil annually to Sabah’s economy.

       Linaco Resources would set up all the necessary infrastructures for the project, which is expected to provide 4,400 job opportunities once fully operational in 2026, he said at the launching of the project in Beluran's Paitan area.

       Hajiji said the project was taking off following a memorandum of understanding (MOU) inked between the state government and Linaco Resources to develop Sabah's coconut-based industry in March last year.

       Linaco Resources is investing RM200mil for the development of a high-yield coconut plantation and another RM200mil for the coconut-based manufacturing facility.

       "This RM400mil project will definitely create a big impact. With an expected RM1.5bil annual income, surely the economic spillovers will transform Paitan and create employment opportunities to Paitan and nearby communities," he said.

       The Chief Minister assured that the Gabungan Rakyat Sabah (GRS) state government would push its development agenda to bring progress to Sabah and its people.

       He said the state had allocated a total of RM561.81mil in the agriculture sector under its budget 2022.

       Hajiji said that under the Sabah Maju Jaya initiatives, there were two major investments - SK Nexilis copper foil factory and Kibing Group Solar Glass Manufacturing Plant at the Kota Kinabalu Industrial Park.