DRB-Hicom and Zhejiang Geely Holding Group have a signed a master collaboration agreement (MCA) that sets forth the underlying principles, governance framework and mutual commitment for the Automotive Hi-Tech Valley (AHTV) project, including specific roles to be undertaken for development and promotional initiatives.
Today’s signing of the MCA – held at Proton Tanjong Malim and witnessed by prime minister Datuk Seri Anwar Ibrahim – follows the signing of the heads of agreement (HOA) by the two parties earlier this year at the Malaysia-China Business Forum in Beijing.
In addition to the DRB-Geely MCA, there was also the signing of a HOA between Altel Communications and Geely’s Zhejiang Geespace Technology unit. This HOA focuses on the development and implementation of high technology systems and will expedite the deployment of innovative solutions within sectors like smart ports.
AHTV will attract investments both locally and from overseas, which will propel it to be an international automotive hub for NEVs (new energy vehicles, China’s term for electrified vehicles), DRB-Hicom said in a statement.
“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,” the company added.
AHTV was announced in April 2022 as a ‘high impact major project’ that DRB-Hicom says will boost the national automotive industry. More on the project here.
The post DRB-Hicom, Geely set framework, mutual commitment for Automotive Hi-Tech Valley (AHTV) Tanjong Malim appeared first on Paul Tan's Automotive News.
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