Malaysian aviation, aerospace industry set to soar higher - MIDA | Malaysian Investment Development Authority
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Malaysian aviation, aerospace industry set to soar higher

Malaysian aviation, aerospace industry set to soar higher

07 Sep 2023

The Malaysian aerospace and aviation industry is expected to reach greater altitude, driven by higher total trade, increased exports and government efforts through the New Industry Master Plan (NIMP 2030), said Deputy Investment, Trade and Industry Minister Liew Chin Tong.

He pointed out that last year, the industry recorded total trade of RM24.04 billion, with exports increasing to RM6.32 billion, compared with RM5.79 billion since the reopening of the economy post-pandemic in 2021.

“Exports of Malaysia’s aerospace products are primarily aerospace parts and components for global OEM (original equipment manufacturers) and Tier-1 companies. In 2022, exports were mainly to France, the United States, the United Kingdom, China and Singapore. It is worth mentioning France, as our exports over there have increased by 99.1%, reaching RM1.78 billion,” Liew said during the opening ceremony of Selangor Aviation Show 2023 (SAS 2023) today.

Touching on the recently launched NIMP 2030, he said the plan has identified aerospace as one of the key priority sectors for the country and reiterated that the local aerospace industry is on course to achieve expected annual revenue of RM55.2 billion by 2030.

“We are on track in our projection of annual revenue of RM55.2 billion and the creation of 32,000 high-income jobs by 2030.

“With the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership last year, the government is committed to support the trade and investment effort from the participating countries to further develop the aerospace industry in Malaysia, strengthening the aerospace global supply chain as a whole.”

Liew said it is a shared vision between the federal government and Selangor, which houses 67% of the aerospace activities. He added that Selangor is the preferred state for the global aerospace supply chain due to the ease of doing business, infrastructure and skilled workers.

“With the First Selangor Plan (RS-1) in place, Selangor is poised to further strengthen the aerospace supply chain, in particular for the manufacturing and (maintenance, repair and operations) MRO sector, increasing our economic resilience as a whole,” he said.

Meanwhile, Selangor state executive councillor for investment, trade and mobility Ng Sze Han said SAS 2023 aims to be the most exciting edition of the series to date.

“SAS 2023 expects to have over 20,000 visitors registered, with close to 50 static aircraft display, 33 forums and talks with 65 speakers. We are also anticipating total potential transactions worth up to RM700 million and more to be sealed this week,” he added.

Highlights at the show include product, services and technology exhibitions, static aircraft displays, drone displays, networking sessions, talks on hot topics in the industry as well as SAS 2023 Career Fair, which will feature 25 top companies in the aviation industry to provide career opportunities for young and dynamic talent to shape the future of aerospace and aviation in the state.

The event, which ends on Saturday, will also showcase memorandum of understanding (MoU) exchanges, which include signings between Menteri Besar Selangor (Incorporated) with six players within the industry, namely SIMAero, Sir Ventures, Dviation Group, Bibus Metals, Aerospace Malaysia Innovation Centre and Subang MRO. The scope of the MoUs is focused on the development of the Selangor Aero Park for the state aerospace industry and the region.

Source: The Sun Daily