More is needed for the construction industry in Budget 2023, says MBAM

KUALA LUMPUR: The acknowledged the government's efforts in improving the Malaysian economy while also reducing the burden of the rakyat, said MBAM president Oliver HC Wee in a press statement dated Oct 7.

“We thank the government for the list of construction projects announced. However, in reality, they are insufficient for the industry at large,” he added.

“Some of the projects announced are already in progress while the others are projects to enhance the infrastructure for public use. We observe that these other projects would benefit part of the industry players mainly in the G1 to G4 categories of contractors.

“This would be alarming for the construction industry as the 12th Malaysia Plan also saw no major allocation towards new mega infrastructure projects despite an allocation of RM400 billion for projects for 2021-2025. Most of the projects announced were existing projects or a reiteration of previously planned projects,” he said.

Oliver added: “We also observe that there is an increase in levy for foreign workforce which would increase the cost of construction. Incentives should also be provided to projects that utilise Industrialised Building System as the government has also promoted the industry to move into the digital construction era. Stimulus package for investors to invest in new developments in the private sector should be introduced.”

According to the statement, MBAM was expecting a more uplifting announcement for the construction industry.

Oliver noted: “In order to prime the revival of the Malaysian construction industry, MBAM appeals to the government to provide more assistance for the construction industry to revive and sustain the construction sector.”

Source : The Edge Markets

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