TANJUNG MALIM: A master collaboration agreement for the development of the Automotive Hi-Tech Valley (AHTV) project here has been signed between DRB-Hicom Bhd (DRB-Hicom) and Zhejiang Geely Holding Group Co Ltd (Geely).
The agreement would set and formalise the underlying principles, governance framework and mutual commitment of the AHTV project, including specific roles to be undertaken for development and promotional initiatives.
Signing on behalf of DRB-Hicom was its properties and corporate planning and strategy group chief operating officer Azri Zaharuddin, while Geely was represented by its senior vice president and chief operating officer Dr Wei Mei.
The signing of the agreement at Proton City on Wednesday (Oct 11) was witnessed by Prime Minister Datuk Seri Anwar Ibrahim.
Also present were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Science, Technology and Innovation Minister Chang Lih Kang, Perak Mentri Besar Datuk Seri Saarani Mohamad, Geely chairman Eric Li, and Proton chairman Syed Faisal Albar.
This latest development follows the signing of the Heads of Agreement (HOA) by DRB-Hicom and Geely at the Malaysia-China Business Forum in Beijing earlier this year.
In addition to the collaboration agreement, the signing of the HOA between Altel Communications Sdn Bhd (Altel) and Geely’s strategically invested Zhejiang Geespace Technology Co Ltd (Geespace) also took place at the venue.
The HOA would focus on the development and implementation of high-technology systems and will expedite the deployment of innovative solutions within sectors like smart ports.
Altel was represented by its group chief executive officer Richard Kitts while Geespace was represented by its chief executive officer Tony Wang.
Prior to the agreement signing ceremony, Anwar had chaired a high-level AHTV project development meeting.
The meeting included senior members of the AHTV project team together with federal and state government officials.
On his Facebook page, Anwar said the AHTV is a mega project that involves a RM32bil investment pioneered by Geely and DRB-Hicom.
"It will turn Tanjung Malim into a global automotive hub for NEV while expanding to include talent development, research and development and urbanisation.
"The support of the unity government and the smooth running of this project serve as an example to investors of Malaysia's approach in facilitating investment efficiently and promptly," he added.