Malaysia Proton sets '08 R&D budget at 400-500m rgt

Newswire

KUALA LUMPUR, Jan 18 (Reuters) - Malaysia's state-controlled carmaker Proton Holdings Bhd will spend 400 to 500 million ringgit ($122.5-$153.1 million) on research and development this year, Managing Director Syed Zainal Abidin Syed Mohamed Tahir said on Friday. Proton, the brainchild of former Prime Minister Mahathir, was once Malaysia's dominant automaker as part of a government industrialisation drive that included imposing import tariffs of more than 300 percent on foreign cars. But ...

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