SUBANG - The government is aware of the challenges faced by the local aviation industry and is looking into ways to help the industry address them, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
He said the government has taken note of the challenges, particularly in terms of business expansions and retention, as well as the lengthy bureaucracy that may have prevented foreign and domestic investors from doing business in Malaysia.
"Rest assured that we are working to address these issues," he said in his speech at the Selangor Aviation Show (SAS) 2022 today.
Tengku Zafrul also noted that the aerospace and aviation industry is deemed as one of the key drivers to propel Malaysia’s economic growth under the 12th Malaysia Plan.
"Prior to the reopening of economic sectors, it was imperative for the federal government to stimulate economic growth by investing in strategic sectors, including the aerospace and aviation industry," he said.
Moving forward, the finance minister said Malaysia's economic growth is expected to be supported by robust economic and social activities, as well as strong domestic and foreign demand following the country's transition to the endemic phase of COVID-19 and the reopening of international borders.
The economic growth momentum is projected to remain strong in the third quarter of 2022, driven by encouraging progress in external trade and tourism, he said.
The minister is also confident that initiatives such as the SAS would serve as a bridge to connect with ASEAN and global industry players and attract them to do business here in Malaysia.
"This is especially in the areas of business aviation, general aviation, helicopters, drones and sports aviation," he said.
According to Tengku Zafrul, the Selangor state government (via Invest Selangor) has been working closely with aerospace industry players to identify areas for collaborations as well as opportunities to ensure a sustainable growth for the nation’s aerospace and aviation industry.
The three-day SAS was officiated by Raja Muda Selangor Tengku Amir Shah Sultan Sharafuddin Idris Shah Alhaj.
Also present was Selangor Menteri Besar, Datuk Seri Amirudin Shari. - BERNAMA