Site Last Updated 12:59 am, Thursday

KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) is promoting the aerospace industry as a new growth area.

Chief executive officer Datuk Azman Mahmud said the aerospace ecosystem in Malaysia bodes well for the industry to grow further.

He said Midas support and incentives for the industry were in line with the Malaysian Aerospace Blueprint, a strategic roadmap laid out under the Business Services National Key Economic Area (NKEA), as part of the countrys Economic Transformation Programme (ETP).

We are moving in the direction of becoming an important aerospace hub.

The current focus is on growing the aviation maintenance, repair and overhaul(MRO) and large pure-play engineering services.

Last year alone, the approved direct investments for the aerospace industryalmost doubled to RM682 million, he told a media briefing after officiating an aerospace conference organised by Mida yesterday.

Compared to neighbouring hubs, Azman said Malaysia had its own strength and comparative advantage in the regional aerospace industry.

Malaysia has more space and a competitive cost of doing business, while offering a better cost structure.

In the long run, companies will be looking at Malaysia in a very positive way in terms of the cost structure, he added.

Earlier in his speech, Azman said Malaysia was on track towards strengthening the aerospace ecosystem as the country intensified efforts to further technology and innovation capabilities.

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Site Last Updated 12:59 am, Thursday

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