Malaysia's aerospace industry on track to meet revenue target
Malaysia's aerospace industry is on track to meet its revenue target of 18 billion RM (about 3.84 billion USD) this year, with the industry expected to grow even faster next year as its product portfolio for the global aerospace supply chain expands.
Chief Executive Officer of the National Aerospace Industry Corporation Malaysia Shamsul Kamar Abu Samah speaks at the opening of MyAero 2023. (Photo: thesun.my)
Kuala Lumpur(VNA) - Malaysia's aerospace industry is on track to meet its revenue target of18 billion RM (about 3.84 billion USD) this year, with the industry expected togrow even faster next year as its product portfolio for the globalaerospace supply chain expands.
Revenue of the industry wasestimated to exceed 16 billion RM as of the third quarter of this year, Chief Executive Officer of the NationalAerospace Industry Corporation Malaysia Shamsul KamarAbu Samah said at a press conference of Malaysia's Aerospace Summit (MyAero2023)on November 15.
The industry is expanding themaintenance, repair and overhaul (MRO) segment to include new aircraft typesand different categories of parts and components, he noted.
The official also said that industryplayers have secured multiple work packages related to parts a༒nd components forsingle-aisle aircraft as well as engine components, which are now widelypromoted in the global aerospace supply chain.
According to Shamsul Kamar, thissegment falls under the manufacturing sector in the aerospace industry, whichcontributed 48% of the industry’s revenue, whereas MRO contributed about 49%,and the balance is the training business.
Malaysia has bagged acumulative 5.7 billion RM in new work packages secured by the local supplychain within the last two years and 600 million RM worth of MRO projects whichare currently being implemented by industry players.
MyAero2023 gathered industryleaders and experts to create a vibrant and sustainable future for the sector,aligning with the goals set out in the New ๊Industrial Master Plan 2030 andthe Malaysian Aerospace ꦉIndustry Blueprint 2030./.
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Chief Executive Officer of the National Aerospace Industry Corporation Malaysia Shamsul Kamar Abu Samah speaks at the opening of MyAero 2023. (Photo: thesun.my) 
