DRB-HICOM, Geely use global platform to lure RM32bil investment in Tanjung Malim high-tech valley
17 Jul 2023
DRB-HICOM Bhd and Zhejiang Geely Holding Group Co Ltd (Geely) aim to attract RM32 billion of investments towards the development of Automotive High Tech Valley (AHTV) at the Global Investors & Vendors Convention 2023.
The convention, which was organised by Proton Holdings Bhd, attracted over 200 participants comprising officials from government agencies, management representatives from DRB-HICOM, Geely and Proton as well as local and overseas vendors with the latter represented by 42 automotive suppliers from China.
“The Global Investors & Vendors Convention 2023 is one of DRB-HICOM and Geely’s efforts to attract overseas investment to AHTV and the country and together, we target to attract some RM32 billion worth of investments towards the project, including what has already been earmarked by Proton.
“As the shift to new energy vehicles gathers pace AHTV will embrace the changing automotive landscape by offering an integrated ecosystem that will help Malaysia’s automotive sector in line with the direction of the National Automotive Policy 2020, thus ensuring the country continues as vibrant as its neighbours,” said DRB-HICOM group managing director and Proton chairman Tan Sri Syed Faisal Albar.
He added that both parties’ combined efforts as well as the strong interest shown by vendors from China will help attract support for the project from the Chinese government, which can lead to even more investments propelled into AHTV and Malaysia.
“Geely’s collaboration with Proton and their support for the project has already resulted in several investors and component suppliers operating in Tanjung Malim, and their existing high technology ecosystem is sure to play a major role in bringing the project forwards,” he added.