Billions in trade deals clinched at Singapore Airshow

Billions of dollars in trade deals have been clinched on the first day of the Singapore Airshow on Tuesday.

The Singapore Airshow was officially launched by Defence Minister Ng Eng Hen and Transport Minister Lui Tuck Yew.

The deals came in fast, with low-cost airline VietJetAir making one of the first moves with major manufacturer Airbus.

Budget carrier VietJetAir placed an order for 63 Airbus A320 jets, with additional options worth US$6.4 billion.

Mr Fabrice Bregier, Head of Airbus Planemaking Division, said: "We are signing a contract of up to 100 aircraft - A320 Ceo and Neo, 63 firm, seven will be leased and 30 additional options."

The aircraft manufacturer also showed off its A350 XWB's prowess at its maiden airshow flying display.

Turkish Airlines announced a US$560 million order for engines to power 25 of its new planes.

Myanmar's national carrier also signed a contract with US firm GE Capital to lease 10 Boeing aircraft worth nearly a billion dollars in a major makeover for the largely domestic airline.

But it's not just about the big boys.

Smaller firms like Premiair also makes its debut at the Singapore Airshow.

The firm hopes to use it as a platform to engage clients for its private jet charter services.

Mr Sudrazat, Technical Manager of Premiair, said: "First thing, we like to introduce our company and product and servicing. And the second thing, we're going to look for partnership or establish the network so that we can build the business in the future."

Event organisers do not expect total deals to hit the US$200 billion mark as seen at the Dubai Airshow, but are optimistic that the Asia Pacific's aviation growth prospects will pull in a tidy amount.

Aircraft manufacturer Boeing estimates the region's airlines will need more than 12,000 additional airplanes over the next 20 years, and the Singapore Airshow plans to take advantage of this demand.

SOURCE