kuala lumpur: Malaysia’s aerospace industry is on track to achieve its revenue target of RM18 billion this year, and the momentum is expected to continue until 2024.
Malaysian Aerospace Industries Corporation (Naico) chief executive officer Shamsul Kamal Abu Samah said the industry’s revenue this year will be driven by the maintenance, repair and overhaul (MRO) and manufacturing sectors, making it the third largest It estimated that it had exceeded RM16 billion by the quarter.
He said the industry generated a revenue of RM15.3 billion last year.
“Most of the revenue we earn comes from (these sectors). Both sectors account for over 49% and 48% of the industry (respectively), with 5% coming from various sub-sectors, especially engineering services. and training,” he told reporters at a press conference after the Malaysian Aerospace Summit 2023 (MyAero Summit). 2023) Today.
However, he said the exact revenue amount would only be officially announced early next year.
On the outlook, Shamsul said Nyco is cautiously optimistic about 2024 as it expects the new projects secured to contribute to the industry’s revenue growth.
“We expect revenues to continue to increase as we expect several new projects to begin by next year,” he added.
Shamsul said industry players have secured multiple work packages related to single-aisle aircraft parts and components as well as engine components, which are currently being widely promoted in the global aerospace supply chain. .
He said earlier this year that Malaysia’s aerospace industry had accumulated RM5.7 billion worth of new work packages secured by local supply chains in the past two years, while MRO projects being undertaken by industry players were also worth RM600 million. He said it would rise to .
From January to September this year, the industry’s total trade valuation surged to RM16.67 billion, and exports accordingly increased by 26.9% to RM4.18 billion compared to RM3.29 billion in the same period in 2022. It became ringgit. This showed the strength of the industry. Resilience and potential for growth.
Regarding trading partners, Shamsul said the largest trading partners are the United States, France, and China.
He mentioned OEM manufacturers, adding that parts and components are produced and supplied to all OEM-based countries.
MyAero Summit 2023 will bring together key industry players, government officials and aerospace experts to showcase the importance of the industry in driving economic growth and innovation in Malaysia, while highlighting the importance of sustainability. It is intended to be incorporated.
Naico is an agency under the Ministry of Investment, Trade and Industry that leads the overall development of the aerospace industry and oversees the implementation of the Malaysian Aerospace Industry Blueprint 2030 strategies and initiatives.