IT’S about time for the aerospace industry to be identified as an important sector that spearheads the development of the world’s most complex core technologies, which can be applied to other industries.
Deputy Minister of International Trade and Industry (MITI) Datuk Lim Ban Hong pointed out that the aerospace industry is known to create the pathway to future technologies and its importance is even reflected in the 11th Malaysia Plan (2016-2020).
“Since the implementation of the key initiatives of the Malaysian Aerospace Industry Blueprint 2030, the industry has shown a steady growth in terms of revenue and export value,” Hong said in a statement earlier today.
He also mentioned that the industry is expected to generate an annual revenue of RM55.2 bil and to create 32,000 jobs throughout the industry subsectors by then.
In 2019, the Malaysian aerospace industry secured RM16.2 bil revenue with 27,500 highly skilled workers serving the industry.
This positive development was due to the increased number of activities in the maintenance, repair & overhaul (MRO) business – with 49% market share – while the manufacturing segment (aerostructure & engine components) accounts for 47% of the market share.
Since last year, the COVID-19 pandemic has severely impacted the global aerospace industry. The Malaysian industry is no exception. Commercial aviation is the most impacted sub-sector due to the closure of international borders and limitation of domestic travel.
It was reported that both aerospace manufacturing and MRO businesses have been experiencing deferment of orders and heavy maintenance services.
In order to strengthening the local aerospace ecosystem, MITI aims to continue assisting the local industry players to expand their competencies through the introduction of advanced technologies and digital transformation. – March 19, 2021