DRB-Hicom says RM32b investment planned for Automotive High-Tech Valley not solely from group and Geely
07 Apr 2023
DRB-Hicom Bhd has clarified that the RM32 billion expected investment in the development of the Automotive High-Tech Valley (AHTV) in Tanjong Malim, Perak will not be solely from the project’s main promoters, DRB-Hicom and Zhejiang Geely Holding Group Co Ltd.
Instead, it is a collective investment that includes other foreign and local investors, the group said in a statement on Friday (April 7).
“We reiterate that the project envisages the participation and investments from other foreign and local investors in the new automotive high-technology industry, bringing the collective investment in AHTV to an estimated RM32 billion by all parties, not only DRB-Hicom and/or Geely.
“Proton’s plan to fully relocate its manufacturing facilities to Tanjong Malim by 2026 will also create a vibrant new city, boosting the domestic economy by attracting retail establishments to set up shops in the area,” it said.
On April 1, DRB-Hicom signed a heads of agreement with Geely in Beijing regarding the development of an automotive industry hub in Tanjong Malim.
DRB-Hicom said it believes that the development of the AHTV is the right move forward for Malaysia in the new automotive technology space, and that the inclusion of multiple global investors augurs well for the domestic industry and economy, while adding value to the Malaysian automotive landscape.