Aviation Manufacturing Looking to Fill Holes Left by Car Industry’s Departure
As the car industry drives off into the Australian sunset, planes are taking over the manufacturing market in some parts of Australia. The manufacturing and aviation industries have formed an alliance to allow manufacturing ventures to continue as the local automotive industry shuts down.
META, a collaborative network of engaged manufacturing businesses and researchers, and Aviation/Aerospace Australia (A/AA) have crafted an initiative, META National Commerical Aerospace Hub, to transition automotive parts suppliers in Victoria and South Australia to aviation manufacturing.
Zoran Angelkovski, managing director, shared his insights into the industry, saying that commercial aircraft production rates look like they will double in the next 15 years.
“The hub’s central goal is to facilitate connections between Australian manufacturers, researchers and industry experts to take advantage of huge untapped opportunities within the global aerospace market,” Angelkovski said.
There’s a huge opportunity for growth in the manufacturing industry for Australia. Currently, the country only has $200 million of an estimated $50 billion global market for metal components in aviation procurement.
"We see great potential for transition from the significant capability we had in the automotive industry to take that expertise, capabilities and investments into the aviation industry," Aviation/Aerospace Australia deputy chairman Paul Fox said.
Initial funding is being provided by META, with the specific purpose of studying where Australian firms should focus their efforts to obtain work in the sector. This initial research grant is $100,000.
As a country with high safety standards, Australia will be able to play toward this strength while developing the industry. It’s a high-cost country for manufacturing, but as Angelkovski pointed out, that has not slowed down similar industries in Germany or Switzerland.
"We may not be able to compete on price but we can certainly compete on innovation and quality and reliability of supply," he said.
“Australia has the right skills, abilities and regulatory standards to capitalise in the aviation sector. Our manufacturers have a strong ability to innovate, solve complex problems and provide solutions for this burgeoning market,” A/AA’s Fox said.
Information sourced from META.
Business Chief Legend: Ho Ching, CEO of Temasek
Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.
Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.
Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.
Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.
As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.
It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.
But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.
As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.
So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.