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411067
Fri, 07/01/2016 - 05:28
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MATRADE Eyes Up To US$751.27 Million In Business Deals At FIA

KUALA LUMPUR, July 1 (Bernama) -- Malaysia is expected to reap up to US$751.27 million (RM3 billion) in business deals from its participation in the Farnborough International Airshow (FIA), United Kingdom, this year, says the Malaysia External Trade Development Corporation (MATRADE). Transport, Defence and Maintenance, Repair and Overhaul (MRO) Division Director Md Silmi Abd Rahman said US$505.76 million (RM2.02 billion) in business deals were clinched at 2014's airshow. "This year we are sending the country's biggest participation so far with 25 companies, which is more than double last year's participation of just 10 companies," he told a media briefing here Thursday. MATRADE, the national trade promotion agency in collaboration with the National Aerospace Industry Coordinating Office, Malaysia Airport Holdings Bhd and Composite Technology Research Malaysia Sdn Bhd, will organise the Malaysia Aerospace Industry Export Acceleration Mission to the FIA, scheduled from July 11-17. Md Silmi said apart from clinching new business deals, the mission would also provide the country's aerospace small and medium enterprises with greater access to the European market. He said MATRADE would also use the airshow to promote Malaysia as the preferred aerospace hub for Asia-Pacific, as well as, showcase Malaysia's Aerospace eco-system. "We want to showcase Malaysia's industry development and promote the capabilities of the country's aerospace supply chain," said Md Silmi, adding that Malaysian companies were expected to ink five agreements and memoranda of understandings with foreign counterparts. Currently, there are 157 aerospace companies in Malaysia with 70 per cent are local-based players. MRO sector is the largest contributor to the industry with revenue accounting for 55 per cent of the total industry topline, followed by aero-manufacturing which made up 33 per cent of the industry's revenue. Last year, Malaysia's export of aerospace products grew a significant 44.7 per cent to US$1.05 billion (RM4.2 billion). --BERNAMA

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