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SINGAPORE: Despite the economic downturn, Singapore's aerospace industry remained resilient in 2009.
The Economic Development Board (EDB) said the sector achieved a total output of some S$7 billion last year with a value-add of S$2.7 billion.
And the prospects ahead look good, with the aerospace industry growing at a compound rate of 12 per cent since 1990.
The Maintenance, Repairs and Overhaul (MRO) segment continues to be a high-flier. It contributes to 90 per cent of the aerospace industry's output and commands a quarter of the Asia-Pacific market.
Manufacturing currently accounts for about 10 per cent of the total output in Singapore's aerospace sector. But EDB said it is emerging as a second source of growth.
It will also provide other positive spin-offs. For instance, EDB said the engine assembly and test facility which Rolls Royce launched recently could attract other suppliers to Singapore.
Apart from the MRO segment, EDB said there are other bright spots.
Sia Kheng Yok, director, Transport Engineering, EDB, said: "About 70 per cent of the freighters in the world are converted from passenger aircraft and this is where companies like ST Aerospace, SIA Engineering have entered the market. In fact, it may not be well known, but Singapore is also one of the major centre for passenger-to-freighter conversions."
With more airlines opting to lease aircraft, EDB said that market also offers good potential.
The industry is also getting a boost from the Seletar Aerospace Park. JTC Corporation said development of the 300-hectare aerospace park is on track.
The aerospace park is expected to contribute S$3.3 billion annually in value-add or about one per cent of Gross Domestic Product by 2018. It will also add 10,000 new jobs.
To date, Phase One of the development has seen an 85 per cent take-up and for Phase Two, over 60 per cent. The aerospace park will also serve the growing business aviation sector.
Manohar Khiatani, CEO, JTC Corporation, said: "The business aviation centre is for smaller companies, those that are going to provide logistic services and so on. About 25 per cent of the space has been taken up.
"In addition to that, we are also putting up certain standard factories for manufacturing companies and companies providing MRO especially for engines and related activities. We will be launching that soon."
Hardware aside, Singapore is also nurturing more talent and stepping up its research capabilities.
Overall, the aerospace industry employed over 18,000 workers in 2009. - CNA/vm
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