DRB-Hicom, Geely enter into joint venture to develop Automotive Hi-Tech Valley

KUALA LUMPUR: DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd (Geely Holding) have signed a joint venture agreement (JVA) for the development of the Automotive Hi-Tech Valley (AHTV) in Tanjong Malim, Perak.

This follows the recent master collaboration agreement signed in Oct 2023, which had set forth the underlying principles, governance framework, and mutual commitment for the AHTV project.

The JV agreement outlines the key principles of the strategic collaboration, alignment on objectives, and terms of the partnership, DRB-Hicom said in a statement.

It added that a joint venture company will leverage on the respective strengths and expertise of DRB-Hicom and Geely Holding in establishing AHTV as the international next generation vehicle hub in Malaysia.

"AHTV will encompass extensive automotive and mobility solutions across the value chain, from a full-fledged high technology global research and development centre, to world-class automotive original equipment manufacturers and manufacturing clusters. "In addition, it would support services within an associated ecosystem, such as logistics, training and learning institutions within a smart city for the automotive industry," it noted.

The agreement was signed by group managing director Tan Sri Syed Faisal Albar on behalf of DRB-Hicom while Geely Holding was represented by its chief executive officer Daniel Li. Prime Minister Datuk Seri Anwar Ibrahim witnessed the signing ceremony.

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