12MP to promote catalytic growth for aerospace industry

by SHAFIQQUL ALIFF / pic credit:mida.gov.my

THE government is set to propel the growth of the local aerospace industry with the 12 Malaysia Plan (12MP) in line with the Malaysian Aerospace Industry Blueprint 2030 that aims to position the country as an aerospace hub in South-East Asia and one of the key players in Asia Pacific.

The industry has been identified as one of the high-impact strategic industries which is projected to generate RM30 billion in revenue and create 30,000 job opportunities by year 2025.

International Trade and Industry Deputy Minister Datuk Lim Ban Hong said he is considering the need to build a strong collective effort to further develop the vibrant and thriving aerospace industry.

He said the Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority and National Aerospace Industry Coordinating Office, are committed to promote more investment of high-tech enterprises in the industry via various incentives and business-friendly policies.

“As the world transitions into the endemic and economic recovery phase, the aerospace industry also holds a promising growth map in the years ahead.

“It also presents exponential potentials for the upstream and downstream industries of the value chains which offer huge economic benefits to the local small and medium enterprise manufacturing industries,” he said in a statement last Friday.

Lim added this undoubtedly will support the National Investment Aspirations framework that MITI has introduced, which is aimed at reinvigorating the national investment landscape and enhancing long-term national competitiveness.

The aviation industry recorded a turnover of RM16.2 billion and an export value of RM8.81 billion in 2019. There are currently about 27,500 skilled workers in this field and over 230 Malaysian local and multinational companies are involved in the supply chain of the global aerospace industry.