2024 Budget: Construction industry hunger for more, MBAM seeks a boost beyond the budget

KUALA LUMPUR: While the construction industry acknowledges the positive steps taken in the 2024 Budget announcement, Master Builders Association Malaysia (MBAM) asserts that more could be done to reinvigorate the sector.

Its president Oliver HC Wee, said MBAM recognised the government's efforts in reforming the country's economy while empowering the rakyat.

He said it welcomed these initiatives as they bode well for the industry.

"However, in bigger reality, they are still insufficient for the industry at large," he said in a statement.

He said one noteworthy project in the 2024 Budget was the proposed Penang to Seberang Perai Light Rail Transit (LRT) project, with an estimated value of RM10 billion ringgit, to be implemented via a public-private partnership (PPP) model.

Wee said MBAM viewed this as a significant step towards improving public transportation and boosting economic growth in the region.

Despite these positive elements, he said MBAM had higher hopes for the 2024 Budget, as it believed a more substantial boost would be needed to revitalise the Malaysian construction industry.

"It's crucial to ensure that speedy implementation is efficient and transparent to maximise the impact on the construction economy.

"We hope that the groundwork for the projects announced can be rolled out as early as the first quarter of 2024."

To ensure the success of these projects and address any challenges that may arise, he said MBAM advocated for establishing a robust monitoring and evaluation framework.

This framework should allow for the regular assessment of project progress and timely adjustments when necessary, Wee added.

He said MBAM also urged the government to engage with local communities to gather feedback and ensure that construction projects align with the people's needs and aspirations.

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