KUALA LUMPUR, April 1 — DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd (Geely) have signed a heads of agreement (HoA) to reinforce the next phase of collaboration between the two companies.

In a statement today, DRB-Hicom said the HoA aims to see the development of the Automotive High-Tech Valley (AHTV) as Malaysia’s next- generation vehicle hub in Tanjong Malim which covers an extensive automotive and mobility solutions value chain.

"The focus of the HoA is (on) the development of an integrated automotive city that will give birth to a hub for a new energy vehicle (NEV) industry,” it said, adding that the AHTV will occupy an area of about 404.69 hectares and will be expanded accordingly to cater for future needs.

The agreement was signed by DRB-HICOM group managing director Datuk Seri Syed Faisal Albar and Geely chief executive officer Daniel Li Donghui at the Malaysia-China Business Forum held in Beijing, China today.

The signing was witnessed by Prime Minister Datuk Seri Anwar Ibrahim who is on his four-day official visit to China from March 29- April 1, 2023.

DRB-Hicom said over the next 10 years, the AHTV development is expected to attract RM32 billion worth of investments, including by national car company Proton Holdings Bhd. — Bernama