The ambitious plan to transform Tanjung Malim, Perak, into the region’s largest auto city is set to take a significant step forward with a colossal investment of $10 billion (RM45.3 billion) by Chinese automaker Geely. Prime Minister Datuk Seri Anwar Ibrahim revealed this groundbreaking initiative, which is projected to create thousands of jobs for Malaysians and boost the country’s economy.
During his speech at the Selangor state-level Sentuhan Agro Madani programme, the Prime Minister shared that Geely, currently a joint venture partner with Proton, had expressed its ambitious plans in a comprehensive letter addressed to him. The automaker wishes to elevate Tanjung Malim into the most significant automotive city across the region, kickstarting the transformation with an investment equivalent to RM40 billion.
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“This major investment is not about commissions or gifts; it’s about driving our economy’s growth and securing jobs for thousands of our youth,” Anwar stressed.
Simultaneously, the Prime Minister, who also holds the position of Finance Minister, disclosed that the Saudi Arabian government and the country’s oil and gas giant Aramco will be focusing on their investment and operational expansion in Malaysia. Aramco CEO Amin Nasser expressed his satisfaction with the government’s policies and leadership, deciding to make Malaysia the hub for Saudi Arabia’s oil and gas expansion in Southeast Asia.
Coincidentally, during a recent haj performance, Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah had a conversation with Saudi Crown Prince Mohammed Salman Al Saud. The Crown Prince disclosed that Malaysia is the primary focus of Saudi Arabia’s Asian investments.
Anwar also highlighted that Malaysia had demonstrated a commendable economic performance, with a growth rate of 5.6% in the first quarter of 2023. This growth rate competes favourably against powerhouse economies like China, Singapore, and Indonesia. He further revealed that the country had successfully attracted approved investments worth RM71 billion in the first three months of this year, partially owing to the political stability in the country.
“This figure excludes the investments from (Tesla CEO) Elon Musk, Aramco, and Geely,” Anwar concluded, signifying a bright future for Malaysia’s economic landscape.
Source: Malay Mail
