Aerospace sector to contribute RM32.5b revenue by 2030: Najib
Published on: Wednesday, March 18, 2015
Langkawi: Malaysia's aerospace industry is projected to contribute revenue of RM32.5 billion by 2030.This is in line with the launch of the Malaysian Aerospace Industry Blueprint 2015-2030 in conjunction with the ongoing Langkawi International Maritime and Aerospace Exhibition (LIMA'15) here.Prime Minister Datuk Seri Najib Tun Razak said Malaysia had come a long way since the launch of first aerospace industry blueprint during the LIMA 1997.
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He said last year, the aerospace industry generated RM19 billion in revenue and RM4.2 billion in investments, with 19,500 jobs created."To underline our commitment to this vision, the Cabinet recently approved the establishment of a special body, the National Aerospace Coordinating Agency, under the purview of the Ministry of International Trade and Industry."This agency is tasked with implementing the blueprint and be the new secretariat for the Malaysian aerospace council," he said in his opening speech at the LIMA'15 here Tuesday.Najib said according to the IHS Jane's forecast, defence spending in Southeast Asia will reach US$ 44.5 billion in 2018 compared to US$38.5 billion this year.
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"This is in line with the trend of defence spending for the rest of the world."Indeed, this region is a key growth market for aerospace and maritime spending, not just in defence but also the commercial sector," he added.
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On the maritime sector, Najib who is also the Finance Minister said, Malaysia has a long history as a maritime nation and it continues to be a key focus under Malaysia Third Industrial Masterplan.He added that this year at LIMA, Malaysia will also launch the Malaysia Ship Building and Repair Industry Strategic Plan 2020.Stay up-to-date by following Daily Express’s Telegram channel.
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