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SINGAPORE: Transport Minister Raymond Lim said the prospects for the aerospace business are robust over the long term.
He said the total revenue for the aerospace Maintenance, Repair and Overhaul (MRO) industry is expected to triple to US$66 billion by 2030.
The region's fleet size is also projected to expand by more than half to 25,000 aircraft over the same period.
The local aerospace MRO sector grew a compounded 15.4 per cent annually between 2000 and 2007.
Speaking at the inaugural Singapore Aerospace Awards on Friday, Mr Lim said Singapore companies can vie for a larger share of the market.
While the government is committed to help grow the aerospace section, he said companies will have to reinvent themselves to remain competitive.
Mr Lim said: "Simple off-the-shelf repair services will no longer suffice. A comprehensive total solution, encompassing all possible types of maintenance and repair from 'nose-to-tail' will become the de facto industry standard.
"Aerospace companies will need to provide a 'one-stop shop' solution, offering a full range of innovative services ranging from airframe, engines and components MRO, engineering design and technical services as well as aviation materials and management services." - CNA/vm
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