News

Aerospace Industry To Regain Pre-Pandemic Revenue Levels As Early As Next Year, Says Azmin

KUALA LUMPUR, April  22 – The aerospace industry is expected  to rebound and regain its pre-pandemic revenue levels as early as next year, said  Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

He said this is achievable if Malaysia continues to capture new work packages with a positive impact on the whole ecosystem through product localisation.

“The recovery will be expedited if the industry can further expand its air cargo services, business aviation, maintenance, repair and overhaul (MRO), as well as professional training services,” he said in his keynote address at the Airbus Malaysia Connect Webinar here today.

Azmin Ali said the COVID-19 pandemic took a heavy toll on Malaysia’s aerospace industry  with the overall revenue shrinking between 20 per cent and 30 per cent in 2020 compared to 2019’s revenue of RM16.22 billion.

He said commercial aviation was  the most impacted sub-sector due to the closure of international borders and limitation of domestic travel, citing  both aerospace manufacturing and MRO businesses have been experiencing deferment of orders and heavy maintenance services.

“Most of the manufacturing and services activities of aerospace were halted, while some of the workforce were laid off due to the worldwide travel restrictions, grounding commercial and business aircraft.

“As aircraft manufacturers temporarily revised production rates downwards to adapt to the new depleted market environment, I am pleased to note that there are those in the supply chain ecosystem that took advantage of the demand slowdown to reset their finances in new technology and capability development,” he added.

Going forward, the minister urged the aerospace community to continue to adapt and be ready for whatever lies ahead.

“As we forge ahead to seize new opportunities, it is imperative that the government and the industry work together strategically to get this key economic sector flying high again, and soar to new levels of achievement and excellence,” he added.

Source: BERNAMA

Adib Mohd

Recent Posts

SEACare 2025 Solidifies Malaysia’s Leadership in Southeast Asia’s Healthcare Landscape

Malaysia’s commitment to transforming its healthcare system takes centre stage this week as SEACare 2025,… Read More

2 days ago

Drop: A First Date That Turns Into a Psychological Minefield

What happens when trust, trauma, and tequila meet at the same table?  That’s the unnerving… Read More

2 days ago

SME Bank Collaborates with Autism Cafe Project to Empower Autistic Entrepreneurs

Small Medium Enterprise Development Bank Malaysia Berhad (“SME Bank”) has partnered with The Autism Cafe… Read More

2 days ago

Pahlawan Malaysia 2025: Malaysia’s Premier Obstacle Sports Competition Set to Energize the Nation at the Curve, Mutiara Damansara

The Malaysia Obstacle Race Sports Association is proud to announce Pahlawan Malaysia 2025, the premier… Read More

2 days ago

Tesla Malaysia is Celebrating the ‘Earth Week’ to Rewards Owners in Conjunction with a ‘Refer and Win’ Campaign

Embracing the mission to accelerate the world’s transition to sustainable energy, Tesla Malaysia launches the… Read More

2 days ago

Malaysia’s Viper Niza Racing On The Winners’ Podium At The 12 Hours Of Spa Francorchamps

Malaysians Douglas Khoo, Dominic Ang and Melvin Moh raced to a podium finish at last… Read More

2 days ago

This website uses cookies.