Chinese automaker Geely has announced its plans to invest a staggering $10 billion in developing Malaysia’s main auto-making hub, according to Prime Minister Anwar Ibrahim.
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Transformation of Tanjung Malim into the Region’s Largest Auto City
Geely’s investment will transform the town of Tanjung Malim in western Malaysia into the largest auto city in the region. The aspiration was conveyed to Anwar in a letter from Geely, highlighting their commitment to the sustainable development of the area.
Thousands of Job Opportunities for Malaysians
Prime Minister Anwar Ibrahim revealed that Geely’s investment would create thousands of job opportunities for Malaysians. This significant boost to employment prospects aligns with the government’s goal of promoting economic growth and securing jobs for the country’s young population.
Geely’s Partnership with Proton
Geely already owns 49.9% of Malaysian car manufacturer Proton and has been collaborating with them. In April, Geely partnered with DRB-HICOM Berhad to establish the auto hub. The initial estimated investment, including contributions from Proton, was $4.46 billion.
Saudi Arabian Focus on Malaysia’s O&G Expansion
In addition to Geely’s investment, Prime Minister Anwar Ibrahim highlighted the focus of the Saudi Arabian government and oil and gas giant Aramco on expanding their operations in Malaysia. Aramco’s CEO, Amin Nasser, expressed confidence in Malaysia’s policies and leadership, selecting the country as the hub for their oil and gas expansion in Southeast Asia.
Malaysia’s Economic Performance and Investments
Anwar Ibrahim praised Malaysia’s commendable economic performance, with a 5.6% growth recorded in the first quarter of 2023, surpassing countries like China, Singapore, and Indonesia. The country’s political stability has contributed to attracting investments, with approximately RM71 billion worth of approved investments in the first three months of the year.
Geely’s Significant Investment Reflects Malaysia’s Appeal
Geely’s substantial investment in Malaysia’s auto hub reflects the country’s attractiveness to foreign investors. The move is expected to have a significant positive impact on the economy, job creation, and the overall growth trajectory of the nation’s automotive industry.
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