KUALA LUMPUR: DRB-Hicom Bhd has inked memorandums of understanding with Zhejiang Geely Holding Group Ltd and the state government of Perak for developing and promoting an automotive hi-tech valley (AHTV) in Tanjong Malim, Perak.

       It said in separate bourse filings that it it was exploring partnerships with the two parties for the development of the AHTV, aimed to be a next-generation vehicle hub in Tanjong Malim covering extensive automotive and mobility solutions.

       The value chain will include a full-fledged high-technology research and development centre, manufacturing cluster as well as supporting services and an associated ecosystem including logistics, a research university, training and learning institutions within a smart city.

       "This strategic cooperation will add value to DRB-Hicom as it will become a strategic platform for both parties to explore means of collaborating towards the establishment of this comprehensive “Automotive City”, it said.

       It added that the AHTV is intended to bring extended multiplier-effects through the set-up of an automotive industry cluster in Tanjong Malim, which will attract investors and vendors from China and other parts of the world.