Kuala Lumpur - Malaysia's aerospace industry is poised to achieve its revenue target of 18 billion RM (about 3.84 billion USD) this year. According to Shamsul Kamar Abu Samah, Chief Executive Officer of the National Aerospace Industry Corporation Malaysia, the revenue exceeded 16 billion RM by the third quarter. He spoke at the press conference of Malaysia's Aerospace Summit (MyAero2023) on November 15.
According to Vietnam News Agency, The industry is expanding its maintenance, repair, and overhaul (MRO) segment to include new aircraft types and a wider range of parts and components. Malaysian industry players have secured work packages for single-aisle aircraft parts and engine components, which are increasingly prominent in the global aerospace supply chain. Shamsul Kamar explained that the manufacturing sector, contributing 48% to the industry's revenue, is a significant segment along with MRO, which accounts for about 49%.
Malaysia has secured 5.7 billion RM in new work packages for the local supply chain over the last two years and 600 million RM worth of MRO projects currently underway. MyAero2023 brought together industry leaders and experts to discuss the future of the sector, aligning with the goals of the New Industrial Master Plan 2030 and the Malaysian Aerospace Industry Blueprint 2030.