By RAHIMI YUNUS / Pic By MUHD AMIN NAHARUL
The aerospace industry’s revenue is expected to reach RM55 billion by 2030 and create 32,000 jobs, in line with the Malaysia Aerospace Industry Blueprint 2030, says Datuk Seri Mustapa Mohamed.
The Minister of International Trade and Industry said the industry recorded RM13.5 billion revenue last year where manufacturing and maintenance, repair and overhaul (MRO) sectors contributed 49% and 46% respectively.
The industry created more than 23,000 jobs with the participation of small and medium-sized enterprises. Exports jumped 54% to RM8.49 billion last year, as compared to 2016.
“We have to work harder to move up the revenue from RM13.5 billion to RM55 billion within 12 years. It is quite a challenge,” Mustapa said after the groundbreaking ceremony of the Senior Aerospace UPECA’s manufacturing plant in Subang Aerotech Park, Shah Alam today.
This year, the aerospace industry is projected to grow at 5%, with manufacturing sector sets to contribute 54% of the total revenue.
MRO will continue to expand especially in the aero engine and components segment with RM6.5 billion targeted revenue.
Subang is at the centre of Malaysia’s aerospace industry vision, with approximately 70 aerospace companies already based within the ecosystem.
The Subang Aerotech Park will enhance the supply-chain ecosystem of the hub.
Developed by Malaysia Airports Holdings Bhd, the hub is expected to attract over RM1 billion in investment, supporting over 5,000 jobs within the next five years