International Coordinating Council of Aerospace Industries Associations Urges Governments Worldwide to Ensure Resilience of Global Aerospace Industry
The Board of the International Coordinating Council of Aerospace industries Associations (ICCAIA), representing the global aerospace manufacturing community, released the following statement, appealing to governments worldwide to ensure the resilience of the industry amid the
“The world is facing an unprecedented health crisis due to the COVID-19 pandemic, and our thoughts go out to everyone impacted. The global aerospace industry stands ready to support people across all continents as aircraft are used to deliver humanitarian aid, life-saving drugs, food, and more.
As countries around the world take action to protect the health and safety of their citizens, demand for commercial air travel has dramatically reduced in a matter of days. The entire aerospace sector, from manufacturers to small businesses within the supply chain, face
extraordinary circumstances that will have a major and widespread impact on the global economy. With over 65.5 million employees worldwide and a global economic impact of nearly $2.7 trillion in 2019, a strong and stable aviation sector will be critical to our world’s recovery. But without support, there is a strong risk that only a small part of the aviation sector will be operating when the worst of the public health crisis has passed.
ICCAIA calls on worldwide governments to provide a temporary injection of public and private investment into the system to help mitigate reduced cash flow and financial burdens stemming from the COVID-19 crisis. Liquidity is the prime tool to help companies throughout the supply chain – especially small and medium-sized businesses – survive this crisis. Financial aid should also be directed towards airlines and other aircraft operators in order to prevent widespread bankruptcies. This financial support will help to ensure that the global aerospace and aviation industry, and the numerous economic sectors it serves, are ready when life begins to return to normal.”