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Malaysia's DRB Hicom signs agreement with Geely on domestic auto hub

Reuters
·1-min read
The Geely logo is seen at a car dealership in Shanghai

KUALA LUMPUR (Reuters) - Malaysian automaker DRB Hicom said on Wednesday it has signed an agreement with Chinese car maker Zhejiang Geely Holding Group Co Ltd for the development of an automotive hub in Malaysia.

This comes after Malaysian Prime Minister Anwar Ibrahim said in July that Geely will invest $10 billion to develop an auto-making hub in the town of Tanjung Malim in western Malaysia.

"The (agreement) sets forth the underlying principles, governance framework and mutual commitment of the Automotive Hi-Tech Valley project," DRB said in a statement.

The project will focus on manufacturing automobiles, and high-technology components and parts for new energy vehicles, the company said, adding that it expects to attract investment from local and foreign firms.

DRB is the majority shareholder of Malaysian car maker Proton, in which Geely also has a 49.9% stake.

(Reporting by A. Ananthalakshmi; Editing by Kanupriya Kapoor)