LIMA’23 Marks Strong Comeback with RM17.6 Billion in MoUs and Commercial Contracts

The Langkawi International Maritime and Aerospace Exhibition (LIMA) has successfully regained its position as the leading aerospace and maritime exhibition and trade show in the Asia-Pacific region following the challenges posed by the Covid-19 pandemic, according to Transport Minister Loke Siew Fook. The recently concluded LIMA’23 showcased a significant resurgence, with numerous Malaysian companies and organizations seizing the opportunities presented to secure deals and form partnerships.

A Multitude of Agreements and Contracts

During LIMA’23, a remarkable total of RM17.6 billion worth of memorandums of understanding (MoUs) and commercial contracts were signed. Minister Loke Siew Fook highlighted that RM7.5 billion worth of MoUs and contracts were signed, while Defense Minister Mohamad Hasan revealed an additional 43 defense-related contracts valued at RM10.1 billion. These agreements align with the government’s commitment to maintaining the nation’s defense capabilities at an optimum level.

Strategic Partnerships and Collaborations

Among the significant developments at LIMA’23 were the signing of three MoUs by the Ministry of Transport. These agreements included strategic cooperation between the Air Accident Investigation Bureau and the police, the Malaysian fire and rescue department, and Malaysia Airports’ fire and rescue service. The MoUs aim to enhance compliance with International Civil Aviation Organization standards and improve cooperation during aircraft accidents and incident investigations.

Facilitating Business Opportunities and Advancing National Goals

Minister Loke Siew Fook commended the agencies under the Ministry of Investment, Trade, and Industry, namely the Malaysian Investment Development Authority and Malaysia External Trade Development Corporation, for their role in facilitating business-matching meetings between Malaysian companies, particularly small-and-medium enterprises, and foreign buyers and partners. These efforts have contributed to strengthening the capabilities of Malaysian players in the aerospace and maritime sectors, aligning with the National Aerospace Industry Blueprint and Malaysian Shipping Industry Master Plan.