DRB-Hicom Bhd insisted that the expected investment worth RM32 billion for the development of the Automotive High Technology Valley (AHTV) in Tanjong Malim, Perak is not an exclusive investment by the project’s main promoters, namely DRB-Hicom and Zhejiang Geely Holding Group Co Ltd (Geely).
In a statement on Friday, DRB-Hicom explained that it is instead a collective investment that includes other foreign and local investors.
“We would also like to emphasise that this project is aimed at attracting participation and investment from foreign and local companies in the new high-tech automotive industry. This is expected to bring collective investment to the AHTV area worth an estimated RM32 billion by all parties and not just DRB-Hicom and/or Geely.
“In addition, Proton’s plan to fully relocate its production facilities to Tanjong Malim by 2026 will also create a vibrant new town, boosting the domestic economy by attracting retail companies to operate in the area,” he said.
Last April 1, DRB-Hicom signed the Heads of Agreement with Geely in Beijing, China regarding the development plan for an automotive industry hub in Tanjong Malim.
AHTV is a project to make Tanjong Malim, and indirectly Malaysia, an automotive hub for vibrant economic activities with new automotive technology areas that Malaysia can benefit from, DRB-Hicom added.
DRB-Hicom is also confident that AHTV is the right step forward for Malaysia in the new automotive technology space, and the entry of various global investors will benefit the domestic industry and economy, as well as add value to the Malaysian automotive landscape.
