SINGAPORE: Southeast Asia’s dynamic regional aerospace market means Malaysia is well-positioned to capitalise on this industry, according to Malaysia External Trade Development Corporation (Matrade) CEO Datuk Wan Latiff Wan Musa.
Pointing out that Malaysia is already home to more than 230 aerospace companies, he described this as “a great enabler for the development of a vibrant local supply chain comprising both international and local industry players.”
He said this at the opening of the Malaysia Pavilion at the Singapore Airshow 2020 and the soft launch of the Kuala Lumpur International Aerospace Business Convention (KLIABC) 2020. Also present were Malaysian High Commissioner to Singapore Datuk Zainol Rahim Zainuddin and representatives of ministries, agencies and the private sector.
“Given the growing demand for commercial aircraft in this region, Matrade is confident that the aerospace industry in Malaysia will remain a vibrant and thriving industry for many years to come.
“There is a need for technology transfer as the next step for industry excellence,” he said.
Wan Latiff said the agency would continue to spearhead the promotion of Malaysia’s aerospace industry internationally.
Apart from the Singapore Airshow and KLIABC 2020, other initiatives that Matrade is involved in are Aeromart Seattle, USA; Farnborough International Airshow, UK; and Aeromart Toulouse, France.
“I am confident with all these in place, Malaysia will be a key player in the development of the industry globally and we look forward to forging collaborations with other nations for mutual benefit,” he said.
Matrade is facilitating the participation of 57 Malaysian delegates from 14 organisations at this year’s Singapore Airshow.
The corporation’s mission at the Singapore Airshow is to promote Malaysia’s capabilities in the aerospace sector, particularly in aero-manufacturing; maintenance, repair and overhaul (MRO); education and training services; aviation and also defence.
According to Wan Latiff, the aerospace industry in Malaysia had rapidly grown over the past years and is considered one of the high-impact sectors for the country’s export industry.
The Malaysian aerospace industry has seen strong growth and has provided more than 24,500 jobs mainly in aero-manufacturing and MRO sub-sectors.
The industry also contributed RM14.4 bil to the nation’s gross domestic product in 2018.
These are values that make the aerospace sector one of Malaysia’s high-value sectors, capable of accelerating the growth of Malaysia’s trade.
Currently, he said, the aerospace industry activities can be seen throughout the country, especially in Selangor, Penang and Johor.
The government is committed to strengthening the aerospace ecosystem by implementing efforts to transform Selangor and Kuala Lumpur into Southeast Asia’s hub for aerospace, particularly via Subang Aerotech Park and KLIA Aeropolis, he added.
Since 2014, Malaysia had maintained double-digit growth in the export of aerospace parts and components, Wan Latiff said.
Last year, Malaysia recorded a 19.5% increase to reach an export value of US$1.87 bil (RM7.74 bil) compared to US$1.57 bil in 2018.
He said most of the products were exported mainly to the US, Singapore, UK, China and France.
As for Malaysia’s major exports, key products include aerospace parts and components such as fan cowl, fan casing, thrust reverser, forward leading edge and aircraft door.
Malaysia’s imports rose by 36.4% to US$2.18 bil with major imports mainly from France, the US, Germany, China and Singapore.
Wan Latiff noted that Malaysia provided various attractive packages for foreign investors in the aerospace industry to set their footprint in Malaysia.
Currently, he said, Malaysia is home to international players such as Airbus, General Electric, Spirit Aerospace and Honeywell.
“This has proven Malaysia’s strengths and the prospects we have in helping these big names secure a bigger market share in the region,” he added. – Feb 11, 2020, Bernama
