KUALA LUMPUR: Globaltec Formation Bhd subsidiary AutoV Corporation Sdn Bhd has formed an alliance with China's Ningbo Auto Components Industry Association (Ningbo AIA) to merge the latter's research and development capabilities and financial strength with AutoV's manufacturing capabilities,
“This will enable AutoV to expand its production capacity as a manufacturer for the Chinese parties and cater for the massive China market, said Globaltec group executive chairman Datuk Seri Panglima Dr Goh Tian Chuan.
"This strategic collaboration will allow the companies to take advantage of the exponential growth of automotive market in the Asean region,” he said.
In a filing with Bursa Malaysia, Globaltec said the partnership would see Ningbo AIA provide full assistance in introducing and promoting AutoV Group as the ideal partner to its members to realise the initiatives.
This includes the localisation of the components and assembly of Ningbo AIA members' products in Malaysia, as well as expand their market to the right-hand drive markets in the ASEAN region.
Both parties would also participate in China's “One Belt One Road” initiatives to bring closer relationship between industry players in China and their Malaysian counterparts.
Ningbo AIA is a government body that represents over 200 enterprises from the automotive industry in Ningbo, a major port and industrial hub in east China's Zhejiang province. - Bernama
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