Mosti eyes 5k new jobs in aerospace industry with new law

Summary

• Science, Technology and Innovation Minister Chang Lih Kang says enforcement of the Malaysia Space Board Act 2022 can create 5,000 high-value jobs.

• Minister says new law will address uncertainties for foreign investors in Malaysia’s aerospace industry.

Science, Technology and Innovation Minister Chang Lih Kang today said enforcement of the Malaysia Space Board Act 2022 effective Jan 1 this year is expected to create up to 5,000 high-value jobs in the aerospace industry by the year 2030.

Chang said enforcement of the act will provide more opportunities for industry players, including foreign companies, to invest in Malaysia’s aerospace industry.

“We have targeted the creation of 5,000 new jobs in the space sector.

“And we are confident of achieving the target because, with enforcement of this act, we can attract more new investors here,” he told reporters in Parliament at a joint press conference with his deputy Yusof Apdal.

“Previously people say there were a lot of uncertainties because we do not have a single act that oversees the sector. But now we have one.

“Investors require certainty. So with this act, I am confident investors’ confidence will grow to invest in Malaysia’s space sector,” he said, revealing projected investments of up to RM10 billion by the year 2030, up from the current RM6 billion.

Chang said questions addressed through enforcement of the act include licensing requirements for related projects, including for private companies to operate potential sites to launch rockets into space.

He added that various state governments had expressed interest in offering land for such projects, which would be made possible through new regulations under the law.

The Malaysia Space Board, among others, have the powers to ensure all space activities are conducted according to international standards; issue licenses for registration of all space objects (including satellites etc); manage any space-related accidents; and legal protection for risks and liabilities on space-related activities.

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