KUALA LUMPUR, Nov 15 (Bernama) -- Malaysia's aerospace industry is on course to meet its revenue target of RM18 billion this year, with the industry expected to grow even faster next year as its product portfolio for the global aerospace supply chain expands.
National Aerospace Industry Corporation Malaysia chief executive officer Shamsul Kamar Abu Samah said revenue is estimated to be over RM16 billion as of the third quarter of the current year, but the exact amount will not be known until next year.
"We need to wait until the financial year ends to get the actual revenue figure but we see the number growing better, thanks to the new products portfolio through significant new work packages secured by the Malaysian supply chain.
“At the same time, the industry is expanding the maintenance, repair and overhaul (MRO) segment to include new aircraft types and different categories of parts and components," he said during a press conference in conjunction with Malaysia's Aerospace Summit (MyAero2023) here today.
He further explained that industry players have secured multiple work packages related to parts and components for single-aisle aircraft as well as engine components, which are now widely promoted in the global aerospace supply chain.
"This segment falls under the manufacturing sector in the aerospace industry, which contributed 48 per cent of the industry’s revenue, whereas MRO contributed about 49 per cent, and the balance is the training business," he added.
Shamsur Kamar also said Malaysia has bagged a cumulative RM5.7 billion in new work packages secured by the local supply chain within the last two years and RM600 million worth of MRO projects which are currently being implemented by industry players.
Total January-September 2023 trade valuation soared to RM16.67 billion, an achievement accompanied by a notable 26.9 per cent rise in exports to RM4.18 billion versus RM3.29 billion in the same period in 2022, showcasing the industry’s resilience and growth potential.
MyAero2023 united industry leaders and experts to create a vibrant and sustainable future for the sector, aligning with the goals set out in the New Industrial Master Plan 2030 and the Malaysian Aerospace Industry Blueprint 2030.
Meanwhile, on small and medium enterprises (SMEs) participation in the industry, UMW Aerospace Sdn Bhd head of business development and programme management Mohamad Azili Samad said local SMEs are dealing with the challenges of meeting global companies’ requirements and standards.
"SMEs are dealing with global standards and they need to ramp up production to meet global demand. That is one of the main issues facing our small players," he said.
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