KUALA LUMPUR, Nov. 15 (Xinhua) -- Malaysia's aerospace industry is on course to meet its revenue target of 18 billion ringgit (3.86 billion U.S. dollars) this year, with the estimated revenue to be over 16 billion ringgit (3.43 billion dollars) by the third quarter of 2023, an official said on Wednesday.
The industry is expanding the maintenance, repair and overhaul (MRO) segment to include new aircraft types and different categories of parts and components with the industry expected to grow even faster next year, National Aerospace Industry Corporation Malaysia chief executive officer Shamsul Kamar Abu Samah said in a press briefing in conjunction with Malaysia Aerospace Summit 2023 (MyAero2023).
He further explained that industry players have secured multiple work packages related to parts and components for single-aisle aircraft as well as engine components, which are now widely promoted in the global aerospace supply chain.
"This segment falls under the manufacturing sector in the aerospace industry, which contributed 48 percent of the industry's revenue, whereas MRO contributed about 49 percent, and the balance is the training business," he added.
MyAero2023 brings together industry leaders 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 and the Malaysian Aerospace Industry Blueprint 2030. ■
