KUALA LUMPUR: Malaysia's aerospace exports continues to show substantial growth, underscoring the country's significance in the global aerospace industry, according to the Malaysia External Trade Development Corporation (Matrade).
Abu Bakar Yusof, the deputy chief executive officer of Matrade, expressed optimism in Malaysia's aerospace sector, pointing to a notable 31 per cent increase in aerospace product exports in the first two months of 2024, which came to RM979.9 million compared to the corresponding period last year.
He highlighted that the primary export destinations for Malaysia's aerospace products during this period were the US, China, Indonesia, the UK, and Singapore.
"The UK demand for aerospace products and services is anticipated to maintain its upward trajectory, driven by the resurgence of air travel, a spike in aircraft orders, and the expansion of the maintenance, repair, and overhaul (MRO) sector.
"Malaysian companies are encouraged to leverage this burgeoning demand by engaging with potential clients, project leaders, and aerospace procurement officials during FIA 2024," he said in a statement.
In light of this progress, Matrade is inviting local aerospace companies to participate in the Malaysia Pavilion at the esteemed Farnborough International Airshow (FIA) 2024 in the United Kingdom, which will be held from July 22–26.
In collaboration with the National Aerospace Industry Corporation Malaysia (NAICO Malaysia), Matrade plans to highlight the capabilities of 15 Malaysian companies across various sectors at FIA 2024.
NAICO Malaysia reported that the country's aerospace industry generated revenues of RM18 billion in 2023, creating 28,500 job opportunities and showcasing the sector's robust growth trajectory.
Its chief executive officer Shamsul Kamar Abu Samah said this engagement at FIA aligns perfectly with Malaysia's aspirations as outlined in the New Industrial Masterplan (NIMP) 2030 and the Malaysian Aerospace Industry Blueprint (MAIB) 2030.
"This presents a unique opportunity for Malaysian enterprises to contribute towards national and international aerospace objectives, enhancing high-value exports, fostering highly skilled job creation, and increasing Malaysia's presence in the global aerospace industry," Shamsul added.
This will be Matrade's fifth year of participation at FIA.
In 2022, MATRADE established 332 business meetings and linkages, resulting in total sales of RM572.6 million.