Malaysia Allotted Up To MYR20 Mln To Develop Vendors For National Car Project-Minister

© Nikkei Markets

KUALA LUMPUR (Jan 07) — Malaysia has set aside up to 20 million ringgit ($4.86 million) to develop vendors for the proposed third national car project, the federal minister for entrepreneur development said Monday.

“We have budgeted not more than 20 million ringgit. That has helped attract interest from vendors (supplying automotive parts),” Mohd Redzuan Yusof said at a news conference.

The ministry’s Secretary-General Wan Suraya Wan Mohd Radzi added that some 90 vendors have registered their interest with the ministry.

Since sweeping to power in a shock May 2018 election outcome, Prime Minister Mahathir Mohamad has announced plan for a fresh national car project with foreign partners. 

In May 2017, China’s Zhejiang Geely Holding Group acquired a 49.9% stake in Malaysian carmaker Proton Holdings, which was founded during Mahathir’s previous term as a premier. Proton developed Malaysia’s first car. 

– By Gan Pei Ling
– Edited By Abhrajit Gangopadhyay

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