As revealed by the Minister of Science, Technology and Innovation, Chinese automaker Zhejiang Geely Holding Group Co Ltd (Geely) has announced a plan to speculate USD 10 billion in the event and commercialization of the Advanced Automotive Technology Valley positioned in Tg Malim, Perak, Malaysia. Chang Lih Kang.
Chang emphasized that Automotive High-Tech Valley will play a key role in shaping the Malaysian electric vehicle (EV) ecosystem, covering all the automotive and mobility value chain. This includes establishing state-of-the-art global research and development facilities and other related support services for the country’s recent energy vehicle industry.
Geely’s investment is an element of the strategic framework for the event of electrical vehicles within the country, set out by Chang’s ministry during a recent press conference organized in reference to Prime Minister Datuk Seri Anwar Ibrahim’s official visit to China.
Chang stated: “Within this strategic framework, our goal is to achieve 38% electric vehicle adoption by 2040, and this investment is a promising start. It will contribute to establishing a comprehensive EV ecosystem and I am confident that we will achieve the target of 38% EV adoption.”
Chang further revealed that two more Chinese electric vehicle corporations, China Harmony Auto Holding Ltd and GAC AION New Energy Automobile Co Ltd, have expressed interest in investing in the event of electrical vehicles in Malaysia. Representatives from these corporations will visit Malaysia to evaluate the electrical vehicle ecosystem.
In addition, the Ministry of Science, Technology and Innovation (Mosti) will receive a $2.5 billion investment from China’s Shanghai DC-Sciences Co Ltd to expand its data center in Sedenak, Johor.
During Anwar’s visit to China, Malaysia received the largest-ever investment commitment from China amounting to USD 170 billion, following the signing of 19 memorandums of understanding between Malaysian and Chinese corporations.
Chang emphasized that Mosti himself received USD 32.5 billion from the full investments involved, which is the results of the successful completion of the prime minister’s visit to China.
