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Malaysia's construction companies that have yet to venture abroad can still do so because there are still plenty of business opportunities up for grabs. From Business Time Online, 27 August 2008.
Construction Industry Development Board (CIDB) chief executive Datuk Hamzah Hasan said Malaysia has a total of 65,000 registered contractors but only 96 contractors have ventured abroad.
“The value of Malaysia’s construction sector abroad for both completed and ongoing projects are worth US$25.2 billion (RM84.92 billion) but they involve only a small number of companies.
“Malaysia recognises the pressing need for its construction sector to expand its market offshore,” Hamzah said in Kuala Lumpur yesterday in his opening address at a seminar on Indian Ocean Rim — Association for Regional Cooperation in the construction business.
The cooperation is an 18-member body comprising countries which share a shoreline along the Indian ocean.
Malaysia became a member in 1996 and 30 per cent of its global trade are with the Indian Ocean Rim members.
Hamzah said CIDB records show Malaysian builders have completed 366 overseas projects amounting to US$9.1 billion (RM30.67 billion) and are currently implementing 84 projects valued around US$16.1 billion (RM54.26 billion).
Among the countries within the regional cooperation which Malaysian contractors have ventured into include Bangladesh, India, Indonesia, Iran, Mauritius, Singapore, South Africa, Sri Lanka, Thailand, the United Arab Emirates and Yemen.
Malaysia is also looking forward to increasing trade in the services sector involving construction and its related services within the cooperation members.
Last year, Malaysia’s trade with member countries of the Indian Ocean Rim Association and regional cooperation increased to US$87.3 billion (RM294.20 billion) from US$86.1 billion (RM290.16 billion) in 2006.
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