M'sian Contractors Complete Overseas Projects Worth US$18.82 Billion

KUALA LUMPUR, March 27 (Bernama) -- Malaysian contractors successfully completed 587 global projects worth US$18.82 billion (RM57.7 billion) as at the end of last year. The Chairman of the Construction Industry Development Board (CIDB) Malaysia, Hamzah Hasan said at present, there are about 100 projects in progress with a value of US$13.49 billion (RM41.4 billion). Speaking at the launch of the Seminar on Legal Reforms in the Malaysian Construction Industry, he said the number is a good indication, that the local construction industry had arrived and continues to grow in significance globally. "The globalisation and liberalisation of the industry has launched a phenomenal opportunity for our players to explore previously unchartered waters in international construction contracts and joint-venture participation. "Since 2005, various arrangements and memorandums have been signed between Malaysia and other Asean nations for the transfer of technological expertise in services," he added. Meanwhile, Hamzah said the increasingly complex and wider coverage of liabilities and obligations in construction industry relations, is a cue for legal reforms within it. He said there is also a growing concern and necessary obligation for each project to be completed and delivered in a lawful manner. "This means compliance to statutory standards and regulations, as to cost, quality and professional project management. "To achieve this end, we must familiarise ourselves with the existing relevant statutes that govern every aspect of activity pulsating within the Malaysian construction industry, and keep ourselves updated with recent amendments to existing rules," he added. -- BERNAMA