KUALA LUMPUR: The government will provide financial allocation for research and development (R&D) to develop a prototype of the third national car project.
Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof said the allocation would utilise the government's R&D grants, which have already been approved and will be announced by Prime Minister Tun Dr Mahathir Mohamad.
However, he did not disclose the number of R&D grants for the prototype of the third national car project.
"Let the Prime Minister make the announcement about the grants. It (the total figure) is quite large and sufficient to be a catalyst for attracting private participation in the special purpose vehicle (SPV) that will be formed to spur this third national car project," Redzuan said.
He was speaking at a press conference after officiating the “Going Public – Unlocking the Potential of SMEs” conference at Bursa Malaysia in Kuala Lumpur yesterday.
Also present were Entrepreneur Development Ministry Secretary-General Wan Suraya Wan Mohd Radzi and Bursa Malaysia Bhd chief executive officer Datuk Seri Tajuddin Atan.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali recently said the new national car prototype is expected to be introduced to the public as early as next year.
Azmin noted that this was discussed at the National Development Council chaired by Tun Dr Mahathir Mohamad.
Meanwhile, Redzuan said the private sector had showed strong interest in the new national car project and want the local automotive industry to grow more rapidly.