Aerospace Sector's Turnover To Touch US$4.8 Bln In 2030

KUALA LUMPUR, Nov 15 (Bernama) -- The turnover for Malaysia’s aerospace manufacturing sector is set to jump 20 per cent this year from US$1.56 billion (RM6.8 billion) posted in 2015 and spike further to touch US$4.88 billion (RM21.2 billion) in 2030. (US$1 = RM4.33) International Trade and Industry Minister Mustapa Mohamed said the country was currently the single source of specific composites parts to Airbus and Boeing. "More than 50 per cent of the composite wing parts for Airbus A320 and Boeing B737 are being supplied from Malaysia," he told a press conference on the upcoming "National Aerospace Event" here Tuesday. As this has positioned Malaysia as a critical supplier to the world, Mustapa said the Malaysian aerospace industry aimed to become number one in the sector in Southeast Asia by 2030 from the second spot after Singapore at present. He said there were huge opportunities for Malaysia as both Airbus and Boeing forecast that in the single-aisle market, more than 23,000 new aircraft would be required. In line with the Aerospace Industry Blueprint 2030, the Ministry of International Trade and Industry's National Aerospace Industry Coordinating Office will oversee the implementation of the blueprint, as well as facilitate the overall industry programme. -- BERNAMA