Aerospace Could Be Next Growth Sector, Says Matrade

KUALA LUMPUR, April 24 (Bernama) -- The aerospace industry could be the country’s new growth sector by 2030, says the Malaysian External Trade Development Corporation (Matrade). "By 2030, the global maintenance, repair and operations (MRO) market is expected to reach US$ 114.69 billion (RM410 billion) , and we are hoping to get at least five per cent of that," Matrade Deputy Chief Executive Officer Susila Devi told Bernama in an interview in conjunction with the three-day Kuala Lumpur International Aerospace Business Conference 2015 (KLIABC) beginning on Monday. (US$1=RM3.57) Susila said the conference, jointly organised by Matrade and France's ABE Aerospace, is the first such industry event in ASEAN. “As we will have the ASEAN Economic Community next year, we could see a lot of low-cost carriers coming up, which will soon create another round of business opportunities for MRO and even for human resources. "Matrade, as the national trade promotion agency, would also focus on creating more export opportunities for the industry," she said. She said Malaysia is in talks about developing human resources for the industry under the Majlis Amanah Rakyat (MARA) (Malay for Indigenous People's Trust Council) umbrella, known as Asia Aerospace City, focusing on the aerospace engineering services business which is estimated to be worth RM1 trillion by 2020. "In the long term, we could also be a supplier of manpower in this area," she said, adding Malaysia could leverage on its ASEAN chairmanship this year to become the aviation hub in the region as well as the Asia Pacific. The conference at Matrade Exhibition & Convention Centre will discuss supply chain management, procurement requirements and future trends in the aerospace industry, bedides featuring business-to-business meetings among professionals, airline operators, aircraft manufacturers and suppliers. Among the 24 participating countries are Mexico, France, the United States, Singapore and Vietnam, while the companies include Airbus, Boeing, Rolls-Royce, Malaysia Airlines and AirAsia. -- BERNAMA