KUALA LUMPUR – National conglomerate DRB-Hicom Bhd has announced its signing of a Master Collaboration Agreement (MCA) with China’s Zhejiang Geely Holding Group Co Ltd to develop the Automotive Hi-Tech Valley (AHTV) in Tanjong Malim, Perak.
In a statement today, DRB-Hicom underlined the MCA which sets forth the underlying principles, governance framework and mutual commitment of the AHTV project, including specific roles to be undertaken for development and promotional initiatives.
“The signing of the agreement brings the collaboration between DRB-Hicom and Geely Holding to the next stage.
“This latest development follows the signing of the Heads of Agreement (HOA) by DRB-Hicom and Geely Holding earlier this year at the Malaysia-China Business Forum in Beijing,” the corporation said.
Signing on behalf of DRB-Hicom was Group chief operating officer, Properties and Corporate Planning & Strategy, Azri Zaharuddin, while Geely Holding senior vice president and chief operating officer, Dr Wei Mei signed on behalf of the Chinese corporation.
The signing ceremony, held at the Proton manufacturing hub in Tanjong Malim, was witnessed by Prime Minister Datuk Seri Anwar Ibrahim; and included the presence of Investment, Trade & Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz; Science, Technology and Innovation minister Chang Lih Kang; Perak Menteri Besar Datuk Seri Saarani Mohamad; Geely Holding chairman Eric Li; and Proton Chairman Syed Faisal Albar.
Hari ini saya berkunjung ke Proton City, Tanjong Malim, Perak bagi mempengerusikan mesyuarat terkait Projek Automotive High Tech Valley (AHTV) seraya diapit oleh Menteri Besar Perak, Dato’ Seri Saarani Mohamad; Menteri Pelaburan, Perdagangan dan Industri, Senator Tengku Datuk… pic.twitter.com/wTKlhtkJa4
— Anwar Ibrahim (@anwaribrahim) October 11, 2023
AHTV is a mega-project involving a cumulative investment of RM32 billion headed by Geely alongside DRB-Hicom.
The project is set to transform Tanjong Malim to become an automotive hub for the production of Neighbourhood Electric Vehicle (NEV)s in addition to include talent development, research and development (R&D) and urbanisation.
In addition to the MCA, the signing of the HOA between Altel Communications Sdn Bhd (Altel) and Geely Holding’s strategically invested Zhejiang Geespace Technology Co Ltd (Geespace) also took place at the venue.
“The HOA focuses on the development and implementation of high technology systems and will expedite the deployment of innovative solutions within sectors like smart ports.”
Signing on behalf of Altel was its group chief executive officer Richard Kitts, while Geespace was represented by its chief executive officer, Tony Wang.
Prior to the signing of the agreement, Anwar had chaired a high-level AHTV project development meeting which discussed the strategic importance of the development on a wider scale.
“The meeting included senior members of the AHTV project team together with federal and state government officials.
“AHTV will attract investments both locally and from overseas which will propel it to become an international automotive hub for NEVs.
“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 NEVs.
“This will further expand the capability of local vendors towards specialising in high technology manufacturing,” DRB-Hicom added. – October 11, 2023