Malaysia’s aerospace industry is on track to meet its revenue target of 18 billion RM (about 3.84 billion USD) this year, with the industry expected to grow even faster next year as its product portfolio for the global aerospace supply chain expands.
Revenue of the industry was estimated to exceed 16 billion RM as of the third quarter of this year, Chief Executive Officer of the National Aerospace Industry Corporation Malaysia Shamsul Kamar Abu Samah said at a press conference of Malaysia’s Aerospace Summit (MyAero2023) on November 15.
The industry is expanding the maintenance, repair and overhaul (MRO) segment to include new aircraft types and different categories of parts and components, he noted.
The official also said that industry players have secured multiple work packages related to parts and components for single-aisle aircraft as well as engine components, which are now widely promoted in the global aerospace supply chain.
According to Shamsul Kamar, this segment falls under the manufacturing se
ctor in the aerospace industry, which contributed 48% of the industry’s revenue, whereas MRO contributed about 49%, and the balance is the training business.
Malaysia has bagged a cumulative 5.7 billion RM in new work packages secured by the local supply chain within the last two years and 600 million RM worth of MRO projects which are currently being implemented by industry players.
MyAero2023 gathered industry leaders and experts to create a vibrant and sustainable future for the sector, aligning with the goals set out in the New Industrial Master Plan 2030 and the Malaysian Aerospace Industry Blueprint 2030./.
Source: Vietnam News Agency