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April Trade Figures May Be Affected If Situation In Europe Persists
KUALA LUMPUR, April 19 (Bernama) -- Malaysia's trade figures for April may beaffected, if Europe continues to be impacted by the volcanic eruption inIceland, says International Trade and Industry Minister Datuk Seri MustapaMohamed.
He said trade figures from January to March were verygood but foresaw activities slowing down in April.
The volcanic eruption spewed a thick ash cloud into theair, causing flight chaos in Europe, and affecting people globally.
"Our biggest market is Asia. Although Europe is notthe biggest, there will be some impact on economic activities.
"We will monitor the situation closely,"Mustapa said at a press conference after visiting Innopeak (M) Sdn Bhd, anengineering solutions provider in aerospace and automotives.
The minister said there are a few thousand Malaysians,especially businessmen, stranded in Europe due to flights cancellations causedby the volcanic eruption.
Last Friday, Malaysia Airlines alone recorded five flightcancellations, affecting nearly 1,400 passengers while the daily AirAsia Xflight to London was also hit, stranding its 300-odd passengers at the low-costcarrier terminal.
Meanwhile, the minister said the government isencouraging SMEs involved in the aerospace industry to participate in theMaintenance, Repair and OverHaul (MRO)business in Subang.
This is in line with the government's efforts to promoteSubang as an aviation hub.
He said currently there are about 30 companies involvedin the MRO business in Subang.
Citing Innopeak as an SME company that has established anetwork and business in Subang, he said other SMEs should do the same.
Innopeak Managing Director Suzanna Shahari said thecompany is taking steps to venture into the global supply chain in aerospacetooling.
"Currently, we are in the midst of obtainingapproval for the certified license for Class A toolings.
"We hope to acquire the license by this year andlook to establishing apresence in the global supply chain in 2011, by tappingthe United States or UK market," she added.
Innopeak, which started its business operation in 1993,is diversified into customisation in design and manufacturing of high qualityprecision toolings, jigs and and fixtures, engineering components, precisionmachining, fabrication, tool repair and services.
According to Suzanna, the aerospace business currentlycontributes 30 per cent to the company's growth.
"By spreading our wings to the global supply chain,we are targeting it to contribute 70 per cent from the current 30 percent," she said.
She also said the potential value of the aerospaceindustry the company is looking to bid for globally, is about RM50 million, forClass A toolings.--- BERNAMA
