Published on July 18th, 2023 | by Sounder Rajen0
DRB-Hicom And Geely Collaborate To Attract Investors To AHTV
Geely and DRB-Hicom are really going all out with AHTV, will it succeed?
Following the signing of a Heads of Agreement (HOA) on 1 April between DRB-Hicom and Geely in Beijing to develop the Automotive High Tech Valley (AHTV), both parties have taken another step towards building Malaysia’s future hub for Next Generation Vehicles (NxGV) in Tanjung Malim.
The Global Investors & Vendors Convention 2023, organised by Proton, attracted over 200 participants comprising officials from government agencies, management representatives from DRB-Hicom, Geely and Proton as well as local and overseas vendors, with the latter represented by 42 automotive suppliers from China.
Moreover, the Minister of Investment, Trade and Industry (MITI), YB Senator Tengku Datuk Seri Utama Zafrul Bin Tengku Abdul Aziz was the guest of honour and also delivered a keynote address at this convention to entice more investors to help make the AHTV a reality.
Aside from providing a platform for potential overseas investors to meet relevant government agencies as well as potential partners from the local vendor community, the conference also showcased the progress made at the project site, the availability of government incentives and prospects for companies setting up new business at the AHTV, which is projected to eventually become an integrated automotive city.
It also stands to reason that when fully realised, the AHTV will be a centre for globally recognised tropical based research and development of high technology automotive components that will include a research university.
The aim of this is to expand the capabilities of Malaysian automotive workers and help the country become a regional leader in education for automotive engineering, information technology, artificial intelligence, and software development.
Syed Faisal Albar, Group Managing Director, DRB-Hicom, and Chairman of Proton, said, “The Global Investors & Vendors Convention 2023 is one of DRB-HICOM and Geely’s efforts to attract overseas investment in to AHTV and the country and together, we target to attract some RM32 billion worth of investments towards the project, including what has already been earmarked by Proton.”
On top of that, Dr Li Chunrong, Chief Executive Officer, Proton, stated, “AHTV will be a regional NxGV hub, but Proton shall continue to have a large presence there as the owners of the project, DRB-Hicom and Geely, are also Proton’s shareholders.” said .
Having operated its production plant in Tanjung Malim for the last 20 years, national carmaker Proton stands to gain from the development of the automotive hub by leveraging on the presence of high technology suppliers at AHTV. The company however will also bring additional benefits to the surrounding area when it fully relocates its manufacturing and research and design facilities there by 2026.