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.
ꦉ The official also said that industryplayers have secured multiple work packages related to parts and 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 Industry Blueprint 2030./.
Malaysian Trade and Investment Minister Liew Chin Tong has said the country, which holds an important position in the global chip-making supply chain, is embracing investments in both the backend and frontend of the semiconductor value chain.
Malaysian Prime Minister Datuk Seri Anwar Ibrahim, who is also Finance Minister, has put forth Budget 2024 under which the domestic tourism sector is expected to grow further.
A total of 8,481 relief centres, which can accommodate over 2.1 million people, have been set up to prepare for the floods during the northeast monsoon season in Malaysia, according to Minister in the Prime Minister’s Department Armizan Mohd Ali.
Malaysia’s agro-food sector continues to record growth despite the uncertainty of both global and domestic economic markets, Prime Minister Anwar Ibrahim said in a speech launching the 2023 National Farmers, Breeders and Fishermen's Day.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Chief Executive Officer of the National Aerospace Industry Corporation Malaysia Shamsul Kamar Abu Samah speaks at the opening of MyAero 2023. (Photo: thesun.my) 
