Virtual goods hold great potential for Malaysia’s economy

(From left) Alves Junior, Kang and Garpenstahl were in Kuala Lumpur recently to talk about the promise creative industries hold for Malaysia.

When Zhejiang Geely Holding Group Co Ltd, parent of Hong Kong-listed Geely Automobile Holdings Ltd, announced its intention to acquire Volvo Cars for US$1.8bil (RM6.04bil) on March 28, 2010 from Ford Motor Company, it made headlines in the automotive world, marking China’s biggest acquisition of a foreign car maker.

Zhejiang Geely, which focuses on developing, manufacturing and sales of passenger vehicle eventually paid US$1.3bil cash and issued a US$200mil note for the Swedish automaker that was previously part of the Volvo Group founded in 1927, its automotive technologies and tens of thousands of employees on Aug 2, 2010 to complete the acquisition.