Chinese automaker Zhejiang Geely Holding Group Co. declined to confirm whether it plans to invest $10 billion in the Malaysian town of Tanjung Malim, as Prime Minister Anwar Ibrahim said Tuesday.
The company conveyed the information to him in a letter, Anwar said at an event in the Selangor state, according to a report by the state new agency Bernama. The investment would create thousands of job opportunities for locals, he said.
Geely is fully committed to working with its Malaysian partners on the sustainable development of the Automotive High-Tech Valley in Tanjung Malim, a spokesperson said in response to Bloomberg. It will disclose the amount of its investment in due course, they said.
In April, Science, Technology and Innovation Minister Chang Lih Kang said that Geely will invest 30 billion ringgit ($6.6 billion) into the development and commercialization of the automotive manufacturing hub, Bernama reported.
Geely has a 49.9% stake in Malaysian carmaker Proton Holdings Bhd., and Geely founder Eric Li Shufu attended the company’s 40th anniversary celebration in Kuala Lumpur in May. Li said that Geely will continue to support Proton by introducing the latest technology and improving its capabilities.
--With assistance from Kok Leong Chan.
(Adds Geely comment throughout)
