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12MP to promote catalytic growth for Malaysian aerospace industry, says MITI

12MP to promote catalytic growth for Malaysian aerospace industry, says MITI

15 Oct 2021

The 12th Malaysia Plan (12MP) is set to propel the growth of the local aerospace industry as it has been identified as one of the high impact strategic industries to move Malaysia towards a high technology nation, said the Ministry of International Trade and Industry (MITI).

There is also a need to build a strong collective effort to further develop Malaysia’s “vibrant and thriving” aerospace industry, said Deputy Minister Datuk Lim Ban Hong during his working visit to UMW Aerospace Sdn Bhd recently.

He said the aerospace industry, which is projected to generate RM30 billion in revenue, will generate 30,000 jobs by 2025.

“In 2019, it recorded a turnover of RM16.2 billion and an export value of RM8.81 billion.

“There are currently about 27,500 skilled workers in this field and over 230 Malaysian local and multinational companies are involved in the supply chain of the global aerospace industry,” he said in a statement today.

Lim said the government will continue to work with the private sector to develop the existing aerospace cluster.

“As the world transitions into the endemic and economic recovery phase, the aerospace industry also holds a promising growth map in the years ahead.

“It presents exponential potentials for the upstream and downstream industries of the value chains, offering huge economic benefits to the local small and medium enterprise manufacturing industries,” he added.

Source: Bernama