THE Malaysian Investment Development Authority (Mida) has approved 35 aerospace industry-related projects with investments worth RM2.8 billion.

Its deputy chief executive officer, Datuk Azman Mahmud said of the total, 17 projects are in the maintenance, repair and overhaul business, 20 in the manufacturing, and two in research and development designs.

Speaking to reporters at the signing of a priority resources agreement between Strand Aerospace Malaysia Sdn Bhd (SAM) and France's AKKA Technologies here yesterday, he said the global market for aerospace services is expected to double over the next decade to US$1 trillion (RM3.07 trillion) by 2020.

"Today, much of the high value design works in Malaysia are being outsourced to Taiwan, South Korea and India.

Azman said Malaysia is progressively establishing itself to meet all the ranks in the aerospace industry value chain.

"It was not long ago that Malaysia's aerospace industry served only the airline and second- or third-tier original equipment manufacturer market.

"Now, Malaysia is at the forefront of several markets, including composite designs and manufacturing; aircraft component design and manufacturing; avionics and system designs," he said.

As such, Azman said, the collaboration between SAM and AKKA Technologies is testimony to the capabilities of local players in providing their services globally as well as the high level of confidence and trust the international business has in Malaysia.

He said SAM will capitalise on the strength of Malaysia's high quality engineering pool. SAM is the lead company in the Economic Transformation Programme initiative to grow the country's engineering services industry.

SAM chief operating officer Naguib Mohd Nor said the company, which was established in 2006, has about 70 engineers. This is expected to rise to 100 in the next six months.

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Nod for 35 aerospace projects