Govt Confident Of 3.5% Growth For Construction Sector Under 9MP

KUALA LUMPUR, Aug 20 (Bernama) -- The government is confident of achieving the 3.5 percent growth target set for the construction sector under the Ninth Malaysia Plan (9MP) with the implementation of various projects under the plan.Works Minister Datuk Seri S. Samy Vellu said the implementation of economic development corridors would further boost growth and drive the business momentum and the industry in the future."The implementation of projects under regional development initiatives is set to boost construction even further and I believe the construction sector is gearing itself to secure business opportunities from the various high-impact projects under the initiatives," he said at the Malaysian Construction Sector Review 2006/2007 And Outlook seminar organised by the Construction Industry Development Board Malaysia (CIDB) here Monday.His speech was delivered by Works Deputy Minister Datuk Ir Mohd Zin Mohamed.Samy Vellu said the government has embarked on yet another major development initiative destined to tip the scale for construction industry players to drive the momentum of their businesses and the industry.He said the Iskandar Development Region (IDR) in Johor stood to provide opportunities for foreign investments in the region of RM38.70 billion over a period of 15 years."I see the IDR's potential in helping to boost Malaysia's current position as one of the countries with the highest foreign direct investments in the region," he said.On Malaysian construction companies overseas, Samy Vellu said the companies todate have secured a potential of 383 projects worth RM58 billion.The projects are spread out in 37 countries including India, Pakistan, Kenya and the Middle East.In 2005 and 2006, Malaysian contractors clinched overseas jobs worth RM28.6 billion including in China, India, the Middle East, Sudan and Asean member countries.This more than doubled the average value of overseas construction projects at an estimated RM1.55 billion secured in the preceding years of 1997 and 2001, he said.This year, Malaysian-led firms have acquired a total of RM4 billion to RM5 billion in project revenue from overseas clients, he said.There are also talks on designs for a new township in Kerala, a light rail transit system and two highways in Pakistan, infrastructure development in Kenya and a township similar to Putrajaya in Syria, the minister added.