Malaysia Set To Become
Regional Aerospace Top Leader
Malaysia’s aim to be a regional aerospace leader by 2030, churning RM55.2 billion annually, comes via more than 200 companies operating here. YB Datuk Darrell Leiking Minister of Trade and Industry said by 2030, the industry was projected to contribute revenues of RM20.4 billion for MRO, RM21.2 billion for aero-manufacturing, and RM13.6 billion for engineering and design services. Airbus and Boeing were forecasting more than 40,000 new aircraft were needed by 2037, with 16,000 for the Asia Pacific region and Airbus predicted 35,000 planes for worldwide delivery over the next 20 years would cost US$5 trillion.
Malaysian Aerospace Industry To Generate
RM16b in 2019
The growth in the Malaysian aerospace industry is gaining momentum. The country’s exports of aircraft parts and components have more than tripled from RM2.88 billion in 2014 to a record high of RM8.48 billion in 2018. The growth is mainly driven by expansion of aerospace manufacturing activities. Last year’s export growth was at 20.7% .
The industry generated a total revenue of RM14.4 billion in 2018, up 6.7% from RM13.5 billion in 2017, according to the international trade and industry ministry (Miti).