KUALA LUMPUR: The Malaysia External Trade Development Corporation (Matrade) is set to enhance exports of aerospace products and services to Europe in 2024.
This initiative is aligned with the New Industrial Masterplan (NIMP), which aims to elevate economic complexity while simultaneously growing aerospace revenues, in accordance with the goals outlined in the Malaysian Aerospace Industry Blueprint (MAIB).
In the initial eleven months of 2023, Malaysia witnessed a 10.1 per cent increase in its aerospace exports, reaching RM5.59 billion compared with the corresponding period in 2022.
Matrade, in a statement, expressed its intention to amplify the export of aerospace products and services to Europe, emphasising the region's significance as Malaysia's primary destination for aerospace exports.
Between January and November this year, Malaysia exported RM1.23 billion worth of aerospace products to Europe, with the United Kingdom, Ireland, Italy, France, and Germany as the top destinations, and aircraft or helicopter parts constituting 50.1 per cent of these exports.
Matrade trade commissioner in Frankfurt Zuhaila Sedek said during the recent Paris Air Show 2023 held in June, the Malaysian Pavilion became a top attraction among ASEAN countries with potential business opportunities of aerospace products and services as well as Malaysian hub establishments.
"The growing interest in Malaysia reflects the good relationship Malaysia has as a regional aerospace hub, thanks to our credible aerospace and aviation companies as well as the Malaysian government's progressive policies," she added. Furthermore, Matrade is engaging in discussions with various French counterparts to establish collaborations in joint capacity-building initiatives, involvement in significant French aerospace trade events, and tailored business-to-business (B2B) engagements.
MATRADE, in conjunction with the National Aerospace Industry Corporation (NAICO), plans to bolster its presence and organise the participation of Malaysian aerospace firms within the Malaysia Pavilion at the Farnborough International Airshow (FIA) 2024, scheduled to take place in the United Kingdom from 22 to 26 July 2024.
"FIA 2024 will provide an opportunity to showcase the capabilities of Malaysian aerospace companies while boosting potential business through meetings with primes as well as Tier-1 and Tier-2 companies in the global aerospace supply chain," Matrade said in a statement.
Matrade also mentioned its intention to increase awareness among global stakeholders regarding the establishment of aerospace parks by establishing dedicated areas for research, testing, and manufacturing.