KUALA LUMPUR: DRB Hicom Bhd has today signed a master collaboration agreement (MCA) with Chinese car maker Zhejiang Geely Holding Group Co Ltd for development and promotional activities of The Automotive Hi-Tech Valley (AHTV).
The agreement follows Prime Minister Anwar Ibrahim's announcement in April 2023, that Geely would be investing US$10 billion (RM45.4 billion) to turn Tanjung Malim, Perak, into the region's largest automotive city.
AHTV is expected to attract investments both locally and from overseas which will propel it to become an international automotive hub for new energy vehicle (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 new energy vehicles.
This will further expand the capability of local vendors towards specialising in hightechnology manufacturing
In a filing with Bursa Malaysia today, DRB Hicom said the agreement sets forth the underlying principles, governance framework and mutual commitment to the AHTV project, including specific roles to be undertaken by parties for its development and promotional initiatives.
The MCA will run for six months. DRB-Hicom's share price was up 0.71 per cent to RM1.42 a share following the announcement, as at 3.02pm.
Signing on behalf of DRB-Hicom was group chief operating officer, properties and corporate planning & strategy, Azri Zaharuddin, while senior vice president and chief operating officer, Dr Wei Mei signed on behalf of Geely Holding. The signing ceremony, held at Proton Tanjong Malim, was witnessed by Anwar as well as Minister of Investment, Trade & Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Minister of Science, Technology and Innovation Chang Lih Kang, Chief Minister of Perak Datuk' Seri Saarani Mohamad, Geely Holding chairman Eric Li and Proton chairman Syed Faisal Albar.
In addition to the MCA, a signing of the heads of agreement (HOA) between Altel Communications Sdn Bhd and Geely Holding's strategically invested Zhejiang Geespace Technology Co. Ltd,. 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.
Anwar chaired a high-level AHTV project development meeting prior to the signing of the agreements. The meeting included senior members of the AHTV pProject team together with federal and state government officials.