Palm oil giant Sime Darby said today it planned to invest up to RM2 billion in China including in the plantations and motor sectors.

Group chief executive Ahmad Zubir said the expansion drive will be carried out over the next five years.

"We will seek opportunities in five core businesses," he was quoted as saying by Bernama news agency.

The multinational conglomerate has established Sime Darby (China) Enterprise Management Company, with a capital of US$10 million and will also sink money into the industrial sector, property and energy.

Sime Darby last week announced a 21 percent drop in first-quarter earnings.

It attributed the decline to lower contributions from its plantation, property and industrial divisions.

The firm is the world's top palm oil producer by land ownership.