China’s Geely to invest $10 billion in Malaysia’s auto hub, says PM.
Chinese Car Maker Geely to Invest $10 Billion in Malaysia’s Auto-Making Hub
KUALA LUMPUR (Reuters) – Chinese car maker Geely will invest $10 billion to develop Malaysia’s main auto-making hub, state news agency Bernama quoted Prime Minister Anwar Ibrahim as saying on Tuesday.
Anwar said the plan was conveyed to him in a letter from Geely, which also owns 49.9% of Malaysian car maker Proton, Bernama reported.
The investment in the town of Tanjung Malim in western Malaysia where Proton plans to be headquartered will create thousands of job opportunities, Anwar told reporters at an agricultural event, according to Bernama.
A representative for Geely said in a statement on Tuesday that the company is fully committed to working with its Malaysian partners to sustainably develop the area and will disclose investment numbers in due course.
Geely said in April it had partnered with DRB-HICOM Berhad to develop the hub and investments of some $4.46 billion could be expected, including investments from Proton.
($1 = 7.1685 Chinese yuan)
(This story has been refiled to correct grammar in paragraph 5)
(Reporting by Rozanna Latiff; Additional reporting by Zhang Yan in Shanghai; Editing by Martin Petty, Kim Coghill and Edwina Gibbs)
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