KUALA LUMPUR, July 16 (Xinhua) -- British aerospace supplier GKN Aerospace is investing 30 million U.S. dollars to set up its first Asian repair and research center in Malaysia, in a move to bolster its growth in the Asia Pacific region.
The center will be located in the Iskandar Malaysia economic zone in the southern state of Johor and will serve as the regional repair and service center for its customers around the region, focusing on specialized components used for commercial aircrafts, the group said in a statement on Monday.
It is also the group's first greenfield project in Malaysia.
According to the statement, GKN Aerospace has committed to lease three units of ready-built facilities (RBF) in Nusajaya Tech Park, with a total gross floor area of about 105,000 square feet. The repair and research facility is slated to open in mid-2019.
GKN Engine Systems chief executive officer Joakim Andersson said the growth in this region will be the greatest in the world over the next 10 years, as the Asia-Pacific aircraft maintenance, repair and overhaul market is projected to rise at a Compound Annual Growth Rate of 5.3 percent from 2018 to 2023, underpinned by the booming air travel in China, India and Southeast Asia.
