KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) which will be organising a series of global supply chain conferences throughout the year, yesterday hosted an aerospace and commercial supplier conference to spur further investments in the aerospace industry.
Mida’s CEO Datuk Azman Mahmud (pix) said the conference is part of its initiatives to increase investments in the aerospace sector, given that projects approved involving manufacturing and maintenance, repair, operations (MRO) last year stood at RM682 million, compared with RM387.3 million in 2013.
“This is also part of our effort in promoting Malaysia as an investment destination for aerospace. We will have a forum on the aviation industry during the Langkawi International Maritime and Aerospace Exhibition (LIMA) March 18, 2015, which will be officiated by the International Trade Minister Datuk Seri Mustapa Mohamed,” Azman told reporters at the aerospace and commercial supplier conference 2015 yesterday.
Azman said the series of global supply chain conferences are a part of its initiatives to promote investments in the manufacturing and services sectors.
The aerospace and commercial supplier conference yesterday was hosted by Mida in collaboration with the United States’ multinational conglomerate, United Technologies Corporations (UTC).
UTC is involved in the aerospace and commercial building industries, such as repair and overhaul of environmental control system components and propellers for aircrafts.
“There is a series of suppliers’ conference that Mida has been organizing. This year, this conference is the first one, which is in the aerospace industry, whereby in April, we will be organizing another supplier conference in the electronic industry.
“These conferences are mainly to create opportunities for Malaysia to be part of a global supplier chain through participation of companies here to be a supplier, like today particularly in the aerospace industry,” Azman added.
He said the conference is a result of MIDA’s engagement with UTC in Farmington, Connecticut during an investment mission, led by Mida’s chairman Tan Sri Amirsham Abdul Aziz in September last year.
He noted that the conference will provide a platform for UTC and other aerospace and commercial industry suppliers in the Southeast Asia region, particularly in Malaysia to interact and explore related areas and businesses.
“This conference will also assist industry players in preparing for the challenges and expectations in ensuring long term sustainable growth,” Azman said.
In 2014, approved US investments in the manufacturing sectors amounted to RM1.3 billion, which includes investments in two aerospace projects.
Going forward, Mida expects to gain more foreign and domestic investments that are high value-added, capital intensive and knowledge based, particularly in new growth areas within emerging technologies.
“The aerospace industry is one of the strategic and high-technology areas that we have identified for development in Malaysia,” he added, noting that over 150 participants had attended, 80 of which were potential suppliers from the US and Asia.