Aerospace Industry To Continue Healthy Growth This Year
February 12, 2018 15:11 PM
KUALA LUMPUR, Feb 12 (Bernama) -- Malaysia's aerospace industry is expected to continue its healthy growth momentum this year, driven by the record growth in the past three years and backlog of orders for aircraft in the Asia Pacific region.
Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan said that the industry was expected to grow by 5.0 per cent in terms of export to RM9 billion this year against RM8.49 billion recorded in 2017.
"The Malaysian aerospace industry is seen by the government as a strategic industry, which has a vast potential for the country's industrialisation and technological development programmes.
"The Asia Pacific region is expected to receive 16,000 new aircraft by 2035 and during this period, the region would account for 4,000 or 36 per cent of global deliveries of passengers and freight planes," he told reporters after the soft launch of the Kuala Lumpur International Aerospace Business Convention (KLIABC) 2018 here today.
He said the country had a backlog of orders for the manufacturing of aircraft parts and components, assembly base for light aircraft and corporate planes, and maintenance, repair and overhaul (MRO) activities.
Meanwhile, he said the three-day KLIABC, organised by Malaysian External Trade Development Corporation (MATRADE) from October 2-4, 2018, was a testament of the government's effort towards making Malaysia a regional aerospace hub.
The KLIABC 2018 provided a platform for Malaysian aerospace companies to meet with renowned international aerospace players and obtain in-depth knowledge on the latest technology trends while developing new business linkages.
The highlights of KLIABC 2018, among others, would be a one-day high-level conference which would gather speakers from airlines, original equipment manufacturers and MRO industries, and business-to-business (B2B) meetings.
This biennial event was expected to attract 500 participants from more than 150 companies in the aerospace industry.