Matrade mission to IPAS 2019 sees potential export value of over RM700 mil

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KUALA LUMPUR (June 28): The 284 business meetings arranged by the Malaysia External Trade Development Corporation (MATRADE) at the recent International Paris Air Show (IPAS) 2019 France, resulted in potential export value of more than RM700 million.

Led by Minister of International Trade and Industry Datuk Darell Leiking, 12 Malaysian companies including Composites Technology Research Malaysia, UMW Aerospace, Jecmetal Industries, Sapura Aerospace Technologies and Curge Advance, participated in the event.

MATRADE, in a statement today, said the most sought-after products and services were composite materials, parts and components, engineering design services, maintenance, repair and overhaul, as well as satellite applications.

The IPAS was part of MATRADE’S strategy to explore partnership opportunities for Malaysian companies with the world’s top Tier 1 and Tier 2 suppliers, as well as original equipment manufacturers (OEM), in the aerospace manufacturing and services sector.

MATRADE chief executive officer Datuk Wan Latiff Wan Musa said the aerospace sector had been recognised as an industry that could contribute to Malaysia’s economic growth and people’s living standards, through the impact of job creations, technological advancements and high quality standards.

“The Tier 1 and Tier 2 companies that we met at the Paris Air Show acknowledged that Malaysia is currently on the right track in developing the industry.

“Malaysian companies have demonstrated their capabilities in meeting stringent demand of the OEMs and this is a catalyst for them to successfully be part of the global supply chain,” he added.

In 2018, Malaysia’s exports of aerospace parts and components recorded an increase of 20.7 percent to RM8.48 billion with the main destinations being the United States (US), the United Kingdom, France, China and Singapore.

Imports rose by 26.2 percent to RM15.91 billion from France, the US, the Netherlands, China and Singapore.

Moving forward, MATRADE said it plans to spearhead the participation of Malaysian companies in two iconic aerospace events, namely the Singapore Airshow (Feb 11-16, 2020) and the Farnborough International Airshow (July 20-26, 2020).

“The efforts will help realise the government’s vision in making Malaysia an aerospace hub for the Asia-Pacific and to position the country’s aerospace industry to be on par with Mexico and Morocco.Both have established themselves as the aerospace hub for the Americas and Europe, respectively.

“With a cohesive export and investment promotion, our local ecosystem can grow further and enhance the capabilities of Malaysian small medium enterprises,” said Wan Latiff.