KUALA LUMPUR – DRB-Hicom Bhd has clarified that it and Zhejiang Geely Holding Group Co Ltd are not the only investors in the development of Tg Malim’s Automotive High-Tech Valley (AHTV).
Instead, the expected RM32 billion investment is collective and includes other foreign and local investors, the group said in a statement today.
“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,” it said.
“Proton’s plan to fully relocate its manufacturing facilities to Tg Malim by 2026 will also create a vibrant new city (there), boosting the domestic economy by attracting retail establishments to set up shop 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 Tg 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. – Bernama, April 7, 2023
