Malaysia PM says China’s Geely to invest $10B in domestic auto hub -report

KUALA LUMPUR   – Chinese car maker Geely will invest $10 billion in developing  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 percent 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)