KUALA LUMPUR, 7 April 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 April 7, the company said in a statement today.
“This amount is not an exclusive investment by the main promoters of the project, i.e. DRB-HICOM and Geely alone. 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 to an estimated amount of RM32 billion in AHTV by all parties; not only DRB-HICOM and/or Geely,” it said.
According to the company, 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.
The company said the development of the AHTV is envisioned as a project to make Tanjong Malim, and by extension Malaysia, the automotive hub for vibrant economic activities with new area of automotive technology which Malaysia can benefit from.
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.
— Akses Malaysia
