‘High-tech automotive valley soon’ - MIDA | Malaysian Investment Development Authority
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‘High-tech automotive valley soon’

‘High-tech automotive valley soon’

12 Oct 2023

The dream of a high-tech automotive valley in the country inched closer to reality with two more agreements inked.

Prior to the agreement signing ceremony here yesterday, Prime Minister Datuk Seri Anwar Ibrahim chaired a high-level project development meeting on the proposed Automotive Hi-Tech Valley (AHTV) at Proton City here.

The meeting included senior members of the AHTV project team together with federal and state government officials.

The first agreement, a Master Collaboration Agreement (MCA), was signed between DRB-Hicom Bhd (DRB-Hicom) properties and corporate planning and strategy group chief operating officer Azri Zaharuddin and Zhejiang Geely Holding Group Co Ltd (Geely) senior vice-president and chief operating officer Dr Wei Mei.

It is to set and formalise the underlying principles, governance framework and mutual commitment of the AHTV project, including specific roles to be undertaken for development and promotional initiatives.

The second agreement was a Heads of Agreement (HOA) between Altel Communications Sdn Bhd (Altel) group chief executive officer Richard Kitts and Geely’s strategically invested Zhejiang Geespace Technology Co Ltd (Geespace) chief executive officer Tony Wang.

The HOA would focus on the development and implementation of high technology systems and will expedite the deployment of innovative solutions within sectors like smart ports.

During Anwar’s trip to Beijing for the Malaysia-China Business Summit in April, a record RM170bil worth of investments from China were signed through 19 MOUs.

The highlight was the agreement to develop the RM32bil AHTV here, which would focus on new energy vehicles (NEV).

In a Facebook posting, Anwar said the AHTV was a mega project that would turn Tanjung Malim into a global automotive hub for NEV.

“It will also expand to include talent development, research and development and urbanisation.

“The support of the unity government and the smooth running of this project serves as an example to investors of Malaysia’s approach in facilitating investment efficiently and promptly,” he added.

Also present at the event were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Science, Technology and Innovation Minister Chang Lih Kang, Perak Mentri Besar Datuk Seri Saarani Mohamad, Geely chairman Eric Li and Proton chairman Syed Faisal Albar.

Source: The Star