ID :
359045
Wed, 03/04/2015 - 09:18
Auther :

Mida Promotes Aerospace As New Growth Area

KUALA LUMPUR, March 4 (Bernama) -- The Malaysian Investment Development Authority (Mida) is promoting the aerospace industry as a new growth area. Chief Executive Officer Azman Mahmud said the aerospace ecosystem in Malaysia bodes well for the industry to grow further. He said Mida's support and incentives for the industry were in line with the Malaysian Aerospace Blueprint, a strategic roadmap laid out under the Business Services National Key Economic Area (NKEA), as part of the country's Economic Transformation Programme (ETP). "We are moving in the direction of becoming an important aerospace hub. The current focus is on growing the aviation maintenance, repair and overhaul (MRO) and large pure-play engineering services. "Last year alone, the approved direct investments for the aerospace industry almost doubled to US$187.2 million (RM682 million)," he told a media briefing after officiating an aerospace conference organised by Mida here Wednesday. Compared to neighbouring hubs, Azman said Malaysia had its own strength and comparative advantage in the regional aerospace industry. "Malaysia has more space and a competitive cost of doing business, while offering a better cost structure. In the long run, companies will be looking at Malaysia in a very positive way in terms of the cost structure," he added. Earlier in his speech, Azman said Malaysia was on track towards strengthening the aerospace ecosystem as the country intensified efforts to further technology and innovation capabilities. "We are already at the forefront of several markets, including on composite design and manufacturing, aircraft component design and manufacturing, avionics and system design and manufacturing. "The testimony to this is the increasing number of global players who have made investments in this area, such as GE Engine Services Malaysia, Honeywell Aerospace Services, Spirit AeroSystems, Messier-Bugatti Dowty Malaysia, Singapore Aerospace Manufacturing (SAM) and Hexcel Corporation," said Azaman. The half-day conference was organised in collaboration with United Technologies Corporation (UTC), an American multinational conglomerate in the aerospace and commercial building industries. It arose from Mida's engagement with UTC in Farmington, Connecticut, during an investment mission by the agency in September 2014,and brought together 150 participants, including 80 potential suppliers from the United States and Asia's aerospace industry. Mida will also participate in the upcoming Langkawi International Maritime & Aerospace Exhibition (LIMA) 2015, with programmes like a forum on the aerospace industry and networking sessions on March 17-18. -- BERNAMA

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