Business Desk

The Star

Publication Date : 23-03-2015

The aerospace industry is big business within the next 15 years, the Government is projecting the industry, which includes aircraft maintenance, repair and overhaul (MRO) services as well as manufacturing of high-tech components, to generate total revenue of 55.2 billion ringgit (US$14.87 billion).

It will also create 32,000 high skilled jobs by 2030.

Malaysian Investment Development Authority (Mida) deputy chief executive office Phang Ah Thong told StarBiz that this objective, as laid out in the new Malaysian Aerospace Industry Blueprint 2015-2030, was achievable.

Last year, the local aerospace industry generated 19 billion ringgit in revenue and 4.2 billion ringgit in investments, with 19,500 jobs created. The blueprint was launched by prime minister Najib Tun Razak at the Langkawi International Maritime and Aerospace Exhibition 2015.

By 2034, it is estimated that there will be 36,000 aircraft worldwide. Asia will require 13,000 aircraft to meet demand.

For this reason, both Airbus and Boeing are lining up business plans to increase their supply chain in Asia to more than 20 per cent from less than 5 per cent presently to meet the production needs of single-aisle planes, Phang said.

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Aerospace industry in for big business in M'sia