WEDNESDAY, 7 NOVEMBER 2018, SINGAPORE : A memorandum of cooperation (MoC) was signed between Malaysia Aerospace Industry Association (MAIA) and Association of Aerospace Industries Industry (Singapore) on the sidelines of MRO Asia Pacific 2018. The MoC was inked as an initiative to strengthen the aerospace capability and stimulate industry development of both countries.
The MoC was signed by Deputy President of MAIA, Datuk Zulkarnain Mohamed and Mr Sia Kheng Yok, Chief Executive of AAIS in the presence of representatives from various government agencies and industry players from both countries.
Airbus and Boeing, two of the largest aircraft manufacturers both projected that global fleet size will double over the next 20 years with Asia taking over a third of global aircraft deliveries. This means countries like Malaysia and Singapore are well-positioned to capitalize on the industry’s countless opportunities. With ASEAN members like Indonesia and Philippines all geared for growth in aerospace sectors, regional cooperation is necessary to ensure sustainability and development. Indonesia and Philippines, via their aerospace industry associations, had previously signed MoUs with their Malaysian counterpart.
The collaboration is focused on developing aerospace capabilities and fostering business engagements between industry players. The MoU also explores the development of human capital, research & technologies, and sharing of industrial best practices.
Realizing the massive potential in Asia Pacific region that sees the largest demand for air travel, original equipment manufacturers like Boeing, Airbus and Rolls-Royce have started to establish their regional presence in South East Asia. Additionally, SEA has seen increased orders for aircraft with AirAsia and Singapore Airlines looking to expand their fleet with new generation aircraft such as Boeing 777x, 787 Dreamliner and Airbus A330neo. This MoC aims to catalyse cooperation among businesses and align their strategies to take advantage of this growing business opportunity.
MAIA and AAIS also witnessed the signing of a Joint-Venture agreement between Dviation Group and Transfingo Pte Ltd which will focus on training and manpower supply and will serve as a testament that a business cooperation between Malaysia and Singapore aerospace companies is possible.
The delegation was later brought for a tour of Seletar Aerospace Park, home to a vibrant aerospace industry cluster of over 60 Multi-National Companies (MNCs) and local aerospace companies, with a thriving community of 6000 professionals. MAIA delegates were briefed by Mr. Sia Kheng Yok on the Singapore aerospace industry and the plan to make Seletar a global aviation hub. The republic has launched the Aerospace Industry Transformation Map earlier this year that could create 1000 new jobs in the sector by 2020 and generate a total of USD 2.9 billion to the industry.