In a statement today, DRB-Hicom said the agreement aims to see the development of the Automotive High-Tech Valley as Malaysia’s next- generation vehicle hub in Tanjong Malim, Perak.

“The focus of the agreement is on the development of an integrated automotive city that will give birth to a hub for a new energy vehicle industry.”

It said the hi-tech valley will occupy 404ha and will be expanded accordingly to cater to future needs.

The agreement was signed by DRB-Hicom group managing director Syed Faisal Albar and Geely CEO Daniel Li at the Malaysia-China Business Forum held in Beijing today.

The signing was witnessed by Prime Minister Anwar Ibrahim, who is on his four-day official visit to China.

DRB-Hicom said over the next 10 years, the high-tech valley development is expected to attract RM32 billion in investments, including by national car company Proton Holdings Bhd.