Government working on solutions for industry


PETALING JAYA: Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government is coming up with solutions to mitigate the headwinds that the local aviation industry is facing.

“Rest assured that we are working to address these issues,” he said in his speech at the Selangor Aviation Show (SAS) 2022 yesterday.

The challenges include business expansion and retention in addition to red tape that may have hindered foreign and domestic investments in Malaysia.

While noting that under the 12th Malaysia Plan, the aerospace and aviation industry was one of the main drivers of the country’s economic growth, the minister said the SAS served as a platform to foster business relations between Asean and global industry players by attracting them to do business in the country.

“This is especially in the areas of business aviation, general aviation, helicopters, drones and sports aviation.

“The Selangor state government (via Invest Selangor) has been working closely with aerospace industry players to identify areas for collaboration as well as opportunities to ensure a sustainable growth for the nation’s aerospace and aviation industry,” he said.

Hosted by the Selangor state government and organised by Invest Selangor, SAS 2022 made its comeback as a networking event for the aerospace industry players, particularly the business and general aviation players, to re-energise their business in the region.

This year, the Selangor state government is targeting to secure RM1bil worth of potential transactions through 24 memoranda of understanding (MoU), spanning across areas such as services, manufacturing and electric aircraft.

Last year’s SAS saw 13 MoUs being signed with business deals reaching up to RM100mil in value.

“As of now, RM800mil worth of transactions have been signed and we hope that by the end of the event, the number will reach RM1bil,” said Selangor state executive councilor for industry and trade Datuk Teng Chang Khim at the event.

One such successful MoU signing was between Volar Air Mobility Ltd, a Hong Kong-based green aviation technology company and Selangor Aviation, Technology, Information Sdn Bhd.

The parties tied up to promote the pioneering of green aviation in Malaysia and under this joint undertaking, they will set up a think tank to promote and support the development of green aviation.

In line with Malaysia’s objective to achieve carbon-neutrality by 2050, the think tank will be a forum for academia, regulators and aviation industry players to exchange ideas and information on how to drive the industry and associated ecosystems forward in Malaysia.

One of the key components of green aviation is electric aircraft and the parties believe that through the introduction of the green air commuting platform, Malaysia will be able to participate in the global air taxi market valued at US$1.5 trillion (RM6.7 trillion) by 2040 while raising awareness of carbon emissions.

The aviation expo was officiated by the Crown Prince of Selangor Tengku Amir Shah Sultan Sharafuddin Idris Shah, witnessed by Tengku Zafrul and Selangor Mentri Besar Datuk Seri Amirudin Shari.

Themed “The One and Only Business Aviation Show in the Region”, SAS 2022 expects to welcome at least 8,000 visitors in the course of its three-day event.

A total of 56 exhibitors, representing various aerospace industries, will also be showcasing their offerings at the venue.

Other than local representation like Aerodyne Group and Pen Aviation Sdn Bhd, among many others, the event also saw displays from major international original equipment manufacturers such as Embraer SA, Dassault Aviation, Delta Aerospace and many more.

Some of the highlights of SAS 2022 are products, services and technology exhibitions, static aircraft displays, drone displays, networking sessions, talks on the industry’s hot topics as well as an Edu-Open Day.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

IGB REIT records net profit of RM81.55mil, distributable income of 2.56/unit
ViTrox posts net profit of RM28.1mil in 2Q
SC adds 2 unauthorised entities, 4 potential clone entities to investor alert list
Asean Digital Economy Framework expected to conclude at Asean Summit 2025
Malaysia's nominal GDP for 2023 amounts to RM1.8 trillion
More inclusive approach needed
Tech slump knocks Asia shares, yen towers at 2-1/2-month peak
Nestle lowers full-year guidance on quicker-than-expected price fall
Luxchem records earnings jump to RM12.2mil in 2Q
Oil falls on weak China demand concerns, Mideast ceasefire talks

Others Also Read