KUALA LUMPUR, Dec 11 — DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd (Geely Holding) marked another significant milestone in developing the Automotive Hi-Tech Valley (AHTV) in Tanjong Malim, Perak, by a joint-venture (JV) agreement signing between the two companies today.
The JV agreement, which followed the master collaboration agreement signed in October, outlines the key principles of strategic collaboration, alignment on objectives, and terms of the partnership.
Prime Minister Datuk Seri Anwar Ibrahim, who witnessed the exchange of documents earlier today, said the government is committed to providing the relevant and required support for the AHTV development being actively carried out by Geely and DRB-Hicom.
In a post on social media platform X (formerly Twitter), Anwar, who also held discussions this morning with Geely Holding chairman Eric Li, emphasised that investments made in Malaysia must benefit local talents and businesses.
“Geely shared that among the draws that drove them to invest in this country are the benefits from Malaysia’s trade relations with countries like the United States and European Union, in addition to its shareholding in Proton,” the Prime Minister said.
Group managing director Tan Sri Syed Faisal Albar signed the JV agreement on behalf of DRB-Hicom, while Geely Holding was represented by its chief executive officer Daniel Li. Also present were Eric Li and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
In a statement, DRB-Hicom said a JV company will leverage the respective strengths and expertise of DRB-HIicom and Geely Holding in establishing AHTV as the international next-generation vehicle hub in Malaysia.
AHTV will encompass extensive automotive and mobility solutions across the value chain, from a full-fledged high-technology global research and development centre to world-class automotive original equipment manufacturers and manufacturing clusters.
In addition, it would support services within an associated ecosystem, such as logistics, training and learning institutions within a smart city for the automotive industry, DRB-Hicom said.
— Bernama
