SEBERANG PRAI, Feb 21 (Bernama) -- Malaysia is aiming to become Southeast Asia’s leading aerospace nation by 2030, says International Trade and Industry Minister Datuk Darell Leiking.
He said by 2030, the industry was targeted to generate an annual revenue of RM55.2 billion and create more than 32,000 high-income jobs.
“Under the 11th Malaysia Plan, the government had identified the aerospace sector as one of the new growth industries for Malaysia,” he said when launching SAM Engineering and Equipment (M) Bhd’s new plant here today.
Darell said the government aimed to shift Malaysia’s economy from labour intensive to high value-added, as well as knowledge and innovation-based economy, with a focus on the services and manufacturing sectors.
“In 2017, the Malaysian aerospace industry recorded a revenue of RM13.5 billion, with aerospace manufacturing contributing 48 per cent of the amount.
“The (aerospace) industry’s export value reached RM8.51 billion, comprising mainly of aerospace parts and components,” he said.
Citing a report, Darell said aircraft manufacturers Airbus and Boeing forecast that more than 40,000 new aircraft would be needed globally by 2037 and about 16,000 aircraft would be delivered to the Asia-Pacific region.
“Airbus valued the 35,000 of the planes to be delivered over the next 20 years at around US$5 trillion (US$1=RM4.07),” he said.
The minister said a strong ecosystem to support aerospace manufacturing, and maintenance, repair and overhaul (MRO) activities was needed in view of the expected increase in the number of aircraft globally and regionally.
“This positive development is spurring the government to view the aerospace industry as a critical sector offering abundant opportunities for the transfer of advanced technologies in engineering, electronics, composite materials, system integration, MRO, and industry-led research and technology,” he added.