Thursday 28 Mar 2024
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BEIJING (April 26): Zhejiang Geely Holding Group Co Ltd’s chairman Li Shufu expressed his gratitude to the Malaysian Government for its support.

The founder also assured Geely’s commitment in helping Proton in technological development.

“Geely and Proton are long-term strategic partners and we are committed to promoting the coordinated development of both parties,” said Li in a statement after he met with Tun Dr Mahathir Mohamad here today.

This is the second meeting that Li has held with the Prime Minister in China. The previous meeting was in Hangzhou — the home base of Geely — last August.

Li, who has been credited with steering the once ailing Swiss auto maker Volvo onto the road of recovery, then took the opportunity to showcase the group’s technologies and innovations to Mahathir.

“Together, we must seize the opportunities in new energy and intelligent vehicles as the auto industry transforms,” said Li, adding that the partnership will enhance Proton’s innovative capabilities, upgrading the supply chain, and developing professional skills among Proton staff.

He said the partnership will enable greater economies of scale, and accelerate the transformation and globalization of the Proton brand.

Proton is currently setting up an assembly plant in Pakistan — the first plant outside Asean.

Mahathir has witnessed the exchange of documents of Proton with Pakistan’s Al-Haj Automotive Group to build a new complete knock-down kit assembly plant in Karachi, in addition to the RM1.88 billion loan agreement between China Construction Bank Ltd and Proton.

Last month, it was reported that Al-Haj Automotive, the official distributor for Proton vehicles in Pakistan, will make an initial investment of US$30 million to build the first completely knock-down (CKD) plant for Proton vehicles there.

To be set up on a greenfield site in Karachi, the plant is expected to start operations by the end of next year and create 2,000 direct employment opportunities in its first three years of operations, according to Proton.

DRB-Hicom Bhd group managing director Datuk Seri Syed Faisal Albar highlighted that the exchange of documents between Proton and its partners, Al-Haj and CCB, is a significant step in Proton’s journey to achieve its long-term goals.

“Expansion to more foreign markets is critical for sales growth while obtaining financing allows the company to invest in the many projects required to turn Proton into a truly global automotive brand,” Syed Faisal added.

Also present at the event here was Proton chief executive officer Li Chunrong, CCB president Liu Guiping and Geely’s executive vice president and chief financial officer Daniel Donghui Li.

Read also:

https://www.theedgemarkets.com/article/proton-secures-rm188b-loan-china-construction-bank-rd-and-infrastructure-development

https://www.theedgemarkets.com/article/dr-m-witnesses-exchange-documents-upcoming-proton-plant-pakistan   

 

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