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

Stranger Things Returns This November And the Upside Down Is Bringing New Secrets With It

Hey creepaholics, the nightmare society is calling for backup!  November is coming to turn your… Read More

1 day ago

HABIB x Zoo Negara Unveil Limited-Edition Gold Wafers Celebrating Malaysia’s Wildlife Heritage

Calling for gold keepers! On October 24, HABIB will launch its exclusive Limited Edition HABIB… Read More

1 day ago

A Season of Sparkle: Carlo Rino Wraps Up 2025 With Joy, Nostalgia & Everyday Luxury

A Season of Sparkle: Carlo Rino Wraps Up 2025 With Joy, Nostalgia & Everyday Luxury… Read More

1 day ago

Beneath the Armor: Men’s Hidden Battle With Mental Health

Beneath the Armor: Men's Hidden Battle With Mental Health “Therapy? No, I don’t need therapy,… Read More

2 days ago

Carolina Herrera Dares the Good Girl to Move in Audacity!

A touch of elegance, a scent of confidence. Carolina Herrera and Swarovski will bring light… Read More

2 days ago

Lights, Culture, and Celebration: Deepavali Shines Bright at Sunway Lagoon and Lost World of Tambun

Lights, Culture, and Celebration: Deepavali Shines Bright at Sunway Lagoon and Lost World of Tambun… Read More

2 days ago

This website uses cookies.