While attending the sixth Malaysian Aerospace Council meeting, Malaysia’s Prime Minister, Datuk Seri Najib Tun Razak, announced that the country’s aerospace industry will be provided with financial and tax incentives to encourage its further development.
He is reported as saying that the industry had shown an 11% annual growth rate over the past five years; total investment in aerospace in Malaysia had increased threefold in the last three years; the sector’s turnover had reached MYR25bn (USD7.3bn); and the industry now had some 54,000 employees.
New investments and reinvestments in aerospace were also expected, he disclosed, to be up to MYR1.4bn, providing a further 2,700 jobs. In fact, the country faced a skills shortage which would need to be rectified, as, by 2015, some 16,000 aircraft maintenance engineers would be required by the industry.
Details of the tax incentives were not given, but those businesses providing research and development facilities, maintenance and repair, system integration, training, and general aviation would be among those eligible.
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