KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) is promoting the aerospace industry as a new growth area. <\/p>\n
Chief executive officer Datuk Azman Mahmud said the aerospace ecosystem in Malaysia bodes well for the industry to grow further. <\/p>\n
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). <\/p>\n
We are moving in the direction of becoming an important aerospace hub. <\/p>\n
The current focus is on growing the aviation maintenance, repair and overhaul(MRO) and large pure-play engineering services. <\/p>\n
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. <\/p>\n
Compared to neighbouring hubs, Azman said Malaysia had its own strength and comparative advantage in the regional aerospace industry. <\/p>\n
Malaysia has more space and a competitive cost of doing business, while offering a better cost structure. <\/p>\n
In the long run, companies will be looking at Malaysia in a very positive way in terms of the cost structure, he added. <\/p>\n
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. <\/p>\n
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