‘No bailout for car project’

  • Nation
  • Friday, 16 Aug 2019

KUALA LUMPUR: The government will not bail out DreamEdge Sdn Bhd, the anchor company of the new national car project, if it fails, says the International Trade and Industry Minister.

Datuk Darell Leiking said: “The project is a private initiative, not by the government.”

“We are just supporting the ecosystem and this is the way forward.

“If it fails, that is a management failure... a product failure.

“But in this case, the product is clear and they are able to work with Japanese technology and are confident of it. So why should we kill it?” he told reporters here yesterday.

Darell said DreamEdge had given its assurance that it would not seek government funding.

“That is why we supported the project, to tell people that we have our trust in this company, just like in many other companies that we trust in doing business today.

“If they ask for money, we will not support it, ” said Darell.

Asked why it is called a national car project when it is a private initiative, he explained that under the new proposed National Automotive Policy, national cars are now defined as those built in Malaysia by a Malaysian company which employs 90% or more Malaysians.

“We are building the country again brick by brick.

“We are working to make sure people are benefiting from the private initiatives, jobs are created and new technology is developed.

“Under our watch, we will not give out incentives easily such as tax incentives, unless the companies qualify for it, whether it is domestic or internationally owned, ” he said. — Bernama

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