On June 20, 2024, at the Shangri-La Hotel in Kuala Lumpur, Malaysia, under the witness of the Minister of the Ministry of Investment, Trade and Industry, Tengku Zafrul, on the occasion of Premier Li Qiang of the State Council of China visiting Malaysia on the 50th anniversary of the establishment of diplomatic relations between China and Malaysia, China Chengli Special Automobile Co., Ltd. and Malaysia New World Technology Co., Ltd. signed a cooperation agreement. The two sides will jointly establish a regional headquarters for professional vehicle manufacturing and services in Malaysia.
Utilize the technology and supply chain resources of CLW Group in specialized vehicles, as well as the strategic location and regional advantages of Malaysia's New World Technology Limited (NWT). Both parties will jointly explore potential investments in infrastructure, technology, and human resources required to establish and operate the regional headquarters.
Through the technology transfer from China Chengli Group to Malaysia's New World Technology Limited (NWT), the aim is to ensure efficient production of specialized vehicles in Malaysia and provide specialized products and services. Both parties will jointly implement a strategy to export professional vehicles to the global market and provide training and development opportunities for local employees to enhance their skills in professional vehicle manufacturing and services. To contribute to Malaysia's economic growth by creating employment opportunities, increasing industrial activities, and enhancing technological capabilities. Both parties will jointly build Malaysia into a regional hub for professional vehicle manufacturing innovation.
After signing the cooperation agreement, both parties will establish a joint venture company to further implement cooperation details, implementation plans, business models, and other matters.
