LANGKAWI: Malaysia's aerospace industry last year grew 9.4 per cent to RM30.3 billion compared to 2011 and contributed 3.23 per cent to the country's gross domestic product (GDP).

According to Malaysia Industry-Government Group for High Technology's (Might) Aerospace Industry Report, the turnover was backed by the vibrant airline activities particularly the low-cost carriers, the expansion of aerospace manufacturing businesses and the positive development in the airport sub-sector.

"The industry's positive development is also a result of the execution of investment projects including the Eurocopter, BHIC Aeroservices and Sepang Aircraft Engineering," Might said in a statement today.

The report, together with the Maritime Industry Report, was launched by Prime Minister Datuk Seri Najib Tun Razak here today.

"A total of 11 projects were approved last year for the aerospace industry with investment totalling RM2.3 billion representing 30 per cent of the transport equipment industry.

"In terms of job creation, the approved projects are expected to create 2,739 employment opportunities mostly in the aerospace manufacturing sub-sectors," it said.

It added that the country's exports last year were worth approximately RM2.2 billion comprising mainly aerospace parts and components, while imports involving aircraft, raw materials and spares were valued at RM13.2 billion.

"The difference between imports and exports can be significantly reduced through the localisation of aircraft parts and components such as the production of aerospace grade raw materials which will be the next investment proposition strategy for both MIDA and Might," it said.-- Bernama

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Aerospace grew 9.4pc in 2012