Investments of RM9 billion from 2013-2018 in Malaysia's aerospace industry
Last Update: 27/03/2019
LANGKAWI, March 27 (Bernama) -- Malaysia’s aerospace industry attracted RM9.01 billion in investments over the last six years, said Ministry of International Trade and Industry secretary general Datuk Lokman Hakim Ali.
He said 50 projects were approved for the industry during the period.
"In 2018 alone, it attracted 11 projects worth RM816.3 million in approved investments with 41 per cent coming from foreign sources," he said in his opening remarks at the Seminar on the Aerospace Industry here today.
The seminar was held in conjunction with The Langkawi International Maritime and Aerospace 2019 (LIMA’19) exhibition which began yesterday and ends on March 30 at the Mahsuri International Exhibition Centre (MIEC) and Resort World Langkawi (RWL).
Lokman Hakim said Malaysia had the right factors to be an outsourcing centre for aerospace products and services.
He said since the launch of MEASAT-1 in 1996 and the first Malaysia Aerospace Industry Blueprint in 1997, the industry had maintained positive growth and was now recognised for its design and manufacturing capabilities for composites, aircraft components and avionics systems.
"We have developed a strong supply chain, comprising both global and local industry players and companies such as Airbus, Boeing and Rolls Royce," he added.
Lokman Hakim said to attract more quality investments into the industry the government highly encouraged strategic collaborations between local vendors and multinational companies to explore mutually profitable business opportunities.
"Given the growing demand for commercial aircraft in the Asia Pacific region, we are confident that the aerospace industry in Malaysia will remain vibrant and thriving for many years to come," he added.
He said it was also essential for the country to secure more "design and build" work packages and become a "risk sharing partner" with original equipment manufacturers from the early stages of the aircraft's life cycle.
"Progressive technology development is important for Malaysia's aerospace industry to grow. There must be a strong will and commitment on the part of local companies to continuously expand their capacity,” LokmanHakim added.