By David Tan
GEORGE TOWN: Jetline International (M) Sdn Bhd, a local jet manufacturer, will generate RM13bil in turnover for five years starting from 2016 following its acquisition of a RM1.1bil US-based jet manufacturing company.
Jetline inked the acquisition deal last year and will invest over RM1bil, with plans to start initial production in Subang.
There are plans to move the production to the Kuala Lumpur International Airport at a later date.
Malaysian Investment Development Authority (Mida) chief executive officer Datuk Noharuddin Nordin said the acquisition was a landmark deal by itself, in line with the country's pursuit of a high income economy that would bring more than just inexpensive assembly labour'and catapult the country to become a developed nation by 2020.
”With the acquisition, Jetline will bring to Malaysia the high technology of aircraft design, manufacturing, and assembly,” he said after the handing over of an aircraft manufacturing licence from Mida to Jetline at the Langkawi International Maritme and Aerospace exhibition 2013.
Noharuddin said the new incentive packages for the aerospace industry that were endorsed by the Government has already seen positive results.
”Last year, a total of 11 projects were approved with investments totalling RM2.3bil of which RM1.4bil was from domestic investors.
He said RM1.1bil was for the investment made by Jetline for the designing and manufacturing of jet aircraft and aircraft components.
On Bosch Solar Energy Malaysia Sdn Bhd cancelling its plans to build a new RM2.2bil solar facility in Penang, Noharuddin said the company pulled out because there was an excess supply of solar power in the world today.
Bosch's pullout from the solar business in Malaysia was not an issue, he said.
He said Malaysia's solar energy eco-system and investments have become very matured.
”We now have a lot of investments from overseas companies that manufacture polysilicon and silicon metal in Malaysia.
”These are upstream businesses in the solar power segment. The companies that have invested in the businesses are optimistic that there would be a recovery in the solar energy sector soon,” he said.
Published: Wednesday March 27, 2013 MYT 12:00:00 AM
References : http://www.thestar.com.my/Business/Business-News/2013/03/27/Jetline-seen-generating-RM13bil-turnover.aspx
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