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SINGAPORE: Singapore's aerospace manufacturing sector continues to see positive indicators of growth in spite of the economic downturn.
Speaking ahead of an industry event next week, the Association of Aerospace Industries (AAIS) said global aerospace manufacturing revenue is expected to double from now till 2030.
In Asia Pacific, revenue is likely to increase five-fold, outpacing the global growth rate of four per cent in 2008.
Last year, Asia Pacific's aerospace manufacturing revenue for commercial aircraft was US$24.73 billion, or 11.2 per cent of the global output.
The AAIS said the potential market in the region is tremendous and Singapore must be ready to take advantage of the opportunities.
Singapore companies can look forward to showcasing their capabilities to buyers from around the world through two key events next week. These are the Aerospace Supplier eXchange 2009 and the Global Asia Trade Exchange (GATE) 09 Aerospace conferences.
Co-organiser IE Singapore said foreign buyers are keen to procure services from Singapore companies in areas including precision machining, casting, maintenance, repair and overhaul, among others.
Several agreements will also be signed on the sidelines of these events to grow the capabilities of SMEs to support the local aerospace industry. - CNA/vm
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