Malaysian aerospace industry to boost economy

Malaysian aerospace industry to boost economy

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Malaysia: Malaysian government will implement two Entry Point Projects (EPPs) for the aerospace industry next year, which will boost the economy by MYR16 billion (approx USD 5 billion) and create some 32,000 jobs, according to Business Times report. At present, the aerospace industry contributes some MYR25 billion to Malaysia’s economy.

Science, Technology and Innovation Minister Datuk Seri Ma-ximus Ongkili said the Malaysian Industry-Government Group for High Technology (MIGHT) will be responsible for the projects, which comes under the Economic Transformation Programme.

The first project is an Aerostructure Manufacturing Innovation Centre (AMIC). It will function as a one-stop centre for research and development related to, among others, the manufacturing of aircraft structure and design.

AMIC will also conduct training courses at Masters and Doctor of Philosophy (PhD) levels in the field of aerospace technology.

The government and foreign partners European aerospace group EADS (the parent company of Eurocopter), Spirit Aerosystems and Rolls Royce, will equally fund the RM40 million needed for AMIC in its first five years.

The second EPP is about how to improve Langkawi International Maritime & Aerospace Exhibition (LIMA) in the future. Malaysia wants to use the event as an effective platform to promote and market the country’s aerospace industry.

“The government’s strategy to spur the local industry through foreign direct investment projects was positive because it helps by creating smaller local companies to support the projects,” Ongkili said.

Ongkili revealed that from January 1, 2011, MIGHT would come under the Prime Minister’s Department.

Source: Business Times