Malaysia PM says China’s Geely to invest US$10 billion in Malaysian auto city: report

CHINESE car manufacturer Geely will invest US$10 billion to turn Tanjung Malim in the Malaysian state of Perak into a major carmaking hub, Malaysian Prime Minister Anwar Ibrahim said on Tuesday (Jul 18), according to state news agency Bernama.

Anwar said the plan was conveyed to him in a letter from the company, which also owns a 49.9 per cent stake in Malaysian carmaker Proton, Bernama reported.

The investment would create thousands of job opportunities for Malaysians, Anwar said, according to Bernama.

“All this is not for getting a commission or gift, but to ensure the growth of our economy and thousands of our young people will secure jobs,” he was quoted as saying at an event. REUTERS