Malaysia’s construction industry suffers record decline
The COVID-19 pandemic continues to leave a lasting impact on the construction industry in Malaysia, which suffered big losses during the initial phase of the Movement Control Order (MCO), the New Straits Times reported.
Malaysia’s construction industry suffers record decline. (Photo: AFP)
Kuala Lumpur (VNA) – The COVID-19 pandemic continues to leave a lasting impacton the construction industry in Malaysia, which suffered big losses during theinitial phase of the Movement Control Order (MCO), the New Straits Times reported.
The newspaper quoted Senior Works Minister Datuk SeriFadillah Yusof as saying on September 22 that the sector sustained 18.5 billionringgit (4.5 billion USD) in losses between March 18 and April 28 when thecountry imposed MCO to prevent the spread of the novel coronavirus.
Theenforcement of MCO has caused financial issues, project delivery and labourconstraints for the sector, Fadillah said.
Inspections bythe Construction Industry Development Board on 7,590 construction sites acrossMalaysia from April 20 to September 20, meanwhile, found that 149 sites stillhad not resumed operations, he noted. Of the 149, 45 were still closed as theywere still facing financial issues.
The lack offunding and high overhead costs also contributed towards the decline of theconstruction sector, he added.
Minister inthe Prime Minister's Department (Economic Affairs) Mustapa Mohamed said the construction sector isforecast to record the biggest declinethis year at 44.5 percent. Usually, claims will be given within one to twomonths, but since the pandemic, it will take up to three to six months, he explained.
Mustapa saidhe proposed the formation of a high-level committee, which would meet bimonthlyto address issues faced by construction firms and jolt Malaysia's construction sector.
The committee wouldact as a platform for industry players to raise issues, including thoseinvolving red tape, and the differing rules between states and local governments,among others, he added./.
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Malaysia’s construction industry suffers record decline. (Photo: AFP)
