Government Initiatives to revamp construction Industry of Malaysia : Ken research
Posted on 29 January 2017 by KenResearch Manufacturing And Construction,
Ken research announced its recent publication on “Construction in Malaysia”. The report provides a comprehensive analysis on the construction market of Malaysia. It gives an highly analytical, extensive and detailed current and future market trends in the Malaysian market. It further gives analysis of market size and structure along with equipment, material and service costs across each project type within Malaysia. Additionally, it gives insight on the risks, opportunity and Profiles of the leading operators in the Malaysian construction industry.
Malaysia is a federal constituency monarchy located in south east Asia. It has a GDP of over 800 billion dollar. Malaysian is economy is said to be one of the best in the Asia. The economy is relatively open, state oriented , competitive, diversified and newly industrialized . The service sector is the largest sector of the economy , followed by manufacturing sector then primary sector . The nation is one of the biggest exporter of electronics, oil and gas, palm oil and rubber industries as well as attracting investments in Islamic finance The nation is vouching for a political change as the current political party has been in power for over 56 years. Despite being quite developed on the economic front, Malaysia is culturally conservative. It has strict state control and tough censorship laws. The print presses must renew their license regularly and it can be revoked whenever the need is felt.
Malaysia is one the most populous nations of Asia . This country has a mix of various ethnicities, majorly of Malays, Chinese and Indian. It is a highly urbanized nation with just 25% people dwelling in rural areas. The literacy is also very high , averaging at 95%. . The nation has relatively younger population with about 93% of people below the age of 65 years. The population is unevenly distributed as most of the people living in the peninsular region.
The Malaysian construction industry is growing rapidly as with the recent announcement of a lot of new projects. With the ever-changing urban landscape, the construction industry always have a plethora of opportunities. The government announced that it planned to revamp the Malaysian industry by 2020. They aim to improve every sector of this industry including safety, professionalism, quality, environmental sustainability, productivity and internationalization. Thus, a new plan- Construction Industry Transformation Programme (CITP) has been introduced. It will include 18 different initiatives in four main areas. The programme will give special focus to implementation of Quality Assessment System in Construction (QLASSIC) in a bid to measure quality within the sector. The QLASSIC will be mandatory for all government projects by 2018. Further, to ensure safety of workers , contractors bidding for projects would have to give account for the extra costs needed to meet with health and safety requirements .
To improve the productivity of this sector and bring them in line with the construction industry of China, USA, Australia a Centre of Excellence for Sustainable Construction is also set to be established.
For more details click on the link below
Ankur Gupta, Head Marketing & Communications