WEDNESDAY, MARCH 27, 2019, LANGKAWI: Malaysia External Trade Development Corporation (MATRADE) capitalises on the region’s top annual Langkawi International Maritime & Aerospace Exhibition 2019 (LIMA’19) to strengthen Malaysian companies presence among the world’s top aerospace and maritime industry players from France, Spain, United States and United Kingdom. This is in line with the government’s aspiration to anchor Malaysia’s position as an industry leader in the South East Asia region and to be a key supplier for the world.

MATRADE is taking the lead to coordinate the B2B engagements at the 15th edition of LIMA which will be held at the Mahsuri International Exhibition Centre (MIEC) from 27th until 30th March. The B2B initiatives coordinated by MATRADE include its signature International Sourcing Programme (INSP) and Global Sourcing Programme (GSP).

According to MATRADE Chief Executive Officer Dato’ Wan Latiff Wan Musa, Malaysia has a burgeoning aerospace industry and it is pivotal for the country to be more competitive to stay ahead of the game. “The aerospace industry is growing stronger by the year, and Malaysia is already established as the regional aerospace hub for the ASEAN region. Currently, the industry accounts for over 23,000 jobs and the inclusion of more local companies in the global supply chain will contribute to the companies’ capacity and leads to more jobs creation,” he said.

The continued growth of the industry is aligned with the milestones charted by the Second Malaysia Aerospace Industry Blueprint (covering the period of 2015 to 2030), of which the Ministry of International Trade & Industry (MITI) is the custodian. In the Blueprint, the industry is targeted to generate an annual revenue of RM55.2 billion and create more than 32,000 high income jobs.

“The aerospace industry is set to continue its growth and there are 230 companies actively involved in the export business. We hope to have more local companies groomed to be global players and we have set a target of developing at least 30 local companies annually to be included in the global supply chain,” said Dato’ Wan Latiff.

He further added that building the capability of the local aerospace companies to compete globally will positively impact the growth of the industry. The industry growth will lead towards the creation of more highly skilled workers and this will ultimately benefit other relevant industries too namely automotive, oil and gas and many others.

Key sectors within the aerospace industry MATRADE is targeting to promote internationally include Maintenance, Repair and Overhaul (MRO), aerospace manufacturing, systems integration as well as education and training.

At LIMA’19, MATRADE has identified 17 Malaysian companies from the aerospace, maritime and defense industries to be part of the INSP and GSP. The companies are strategically matched by our Trade Offices from around the world with targeted companies that are keen to source for the products and services offered by the Malaysian companies.

The annual growth rate of exports for the industry has also been impressive. Within less than a decade, the industry’s exports grew from RM2.24 billion in 2012 to reach almost RM8.5 billion in 2018. The main export destinations for Malaysia are Singapore, China, United States of America, the United Kingdom and France. Moving forward, MATRADE will be organizing several trade missions to Aeromart Montreal 2019 in April, Paris Airshow 2019 in June and an Export Acceleration Mission on Maritime industry to Oman in December.