As we witness an increase in migration of aeronautical activities from the West to Asia-Pacific, we find Malaysia’s aerospace industry to be positioned in a highly advantageous region.
While in the past, Malaysia relied heavily on technology from developed countries, this is no longer the case today. Local engineering firms have grown in their capabilities, and research and development efforts are flourishing in the nation. This growth has allowed local companies to support smaller firms so that they, too, may move up the value chain in the global industry. At present, the Malaysian aerospace industry generates RM14.4 billion yearly revenue, and employs over 24,500 skilled workers.
As in the Malaysia Aerospace Industry Blueprint (2015-2030), the nation’s goal is to be the number one aerospace nation in Southeast Asia. In achieving this, Malaysia would have captured 5% of the global MRO market share and 3.5% of the global engineering and design market share. They would also be the top country in Southeast Asia for parts and component sourcing. By 2030, the Malaysian aerospace industry hopes to bring in an annual revenue of RM55.2 billion, as well as create in excess of 32,000 high income jobs.
Looking at the MRO sector alone, Malaysia is predicted to grow at 8.45% per annum, from now until 2037. As a result, 13,000 new jobs for technicians and engineers are forecasted to be created over this period.
In addition to the above forecasts, the recent Langkawi International Maritime and Aerospace (LIMA) Exhibition 2019 saw an impressive RM4.3 billion worth of contracts signed! A majority of the contracts were for MRO services for existing strategic defence assets.
Image above: Dviation Group Managing Director (first from left), Kevin Teoh, at the signing of a Certificate of Collaboration at LIMA ’19. Present at the signing was Datuk Darell Leiking (centre), Minister of International Trade and Industry, and Selangor Menteri Besar, Amirudin Shari (second from right).
These figures all point toward a direction of greater success in the Malaysian aerospace industry – as they say, numbers don’t lie. With this growth comes national achievement, and with national achievement comes a nation brimming with success.
Echoing the sentiments of Malaysia’s Minister of Economic Affairs, Datuk Seri Mohamad Azmin Ali, Malaysia is indeed ready to compete with other aerospace companies on the global level.
You and your company can be part of this vision of achieving success in the Malaysian aerospace industry! To find out more, click here!