DRB-Hicom, Geely sign deal to develop automotive hub in Tanjung Malim

PETALING JAYA: Industrial conglomerate DRB-Hicom Bhd and Chinese automobile manufacturer maker Zhejiang Geely Holding Group Co Ltd today signed a master collaboration agreement (MCA) for the development of the Automotive Hi-Tech Valley (AHTV) project in Tanjung Malim, Perak.

The MCA sets out the underlying principles, governance framework and mutual commitment of the AHTV project, including specific roles to be undertaken for development and promotional initiatives.

Signing on behalf of DRB-Hicom was properties and corporate planning and strategy group COO Azri Zaharuddin, while senior vice-president and COO Dr Wei Mei signed on behalf of Geely.

The signing of the MCA brings the collaboration between DRB-Hicom and Geely to the next stage. The latest development follows the signing of a heads of agreement by DRB-Hicom and Geely earlier this year at the Malaysia-China Business Forum in Beijing, DRB-Hicom said in a statement today.

The signing ceremony, held at Proton Tanjong Malim, was witnessed by Prime Minister Datuk Seri Anwar Ibrahim. Others present included Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz; Science, Technology and Innovation Minister Chang Lih Kang; Perak Menteri Besar Datuk Seri Saarani Mohamad; Geely chairman Eric Li; and Proton chairman Tan Sri Syed Faisal Albar.

Reflective of the strategic importance of AHTV, Anwar chaired a high-level AHTV Project development meeting prior to the signing of the agreement. The meeting included senior members of the AHTV Project team together with federal and state government officials.

AHTV will attract local and foreign investments, which will propel it to become an international automotive hub for new energy vehicles (NEV). Its focus will not only be on the production of automobiles of various makes, but also in the manufacturing of high-technology components and parts for NEV. This will further expand the capability of local vendors towards specialising in high-technology manufacturing.