Welcome to Quantity Surveying and Construction Procurement

Assalamualaikum and dear all,

This blog compliments teaching and learning for courses that I facilitate at the International Islamic University Malaysia (IIUM). The contents serve to further 'connect' students to the 'real world' (quantity surveying, construction procurement and others). In trying to provide current information to students, I will be quoting or reproducing works of others and for this I am grateful. I will indicate clearly the source(s). I hope I will not offend anyone; and many will frequent this blog and benefit from its contents.

Thank you and wassalam.

Prof. Sr. Dr. Khairuddin Abdul Rashid

Thursday, April 1, 2010

Malaysia’s New Economic Model (NEM)

Salam and dear all,

Malaysia's Prime Minister has announced his latest initiative on socio-economic growth and development, otherwise known as the New Economic Model (NEM), on Tuesday, 30th March 2010, in Kuala Lumpur. The key ideas and components of the NEM (extracted from the PM's speech) include.

1. Malaysia, after the recent economic downturn (due to the global financial crisis) is focused on:

How to ensure a sustainable and robust recovery in the short and medium term

Enhancing Malaysia's competitiveness

Sparking private investments and growth

Putting Malaysia on a trajectory to achieve high income levels

Building an innovative economy, and

Bold transformation and economic reforms to modernize the economic model for the future.

2. Malaysia's new challenges:

Must not retreat back to the status quo (of the pre-recession years)

Past policies are no longer enough to raise income levels and create high-value economy

Malaysia must expand her economy, she cannot rely on just a few sectors of the economy to drive her growth

The education system must continue to be re-evaluated and improved to create the workforce of the future

The government should be able to facilitate and empower the private sector.

3. The NEM

The NEM forms the core of Malaysia's long-term policy agenda and it will be integrated into the 10th and 11th Malaysia Plan.

The NEM has 3 key principles namely high income, sustainability, inclusiveness; and 8 strategic reform initiatives.

4. The 8 strategic reform initiatives of the NEM are:

Re-energize the private sector to lead growth

Develop domestic human resource and reduce dependency on foreign labour

Create a competitive domestic economy

Strengthen the public sector

Put in place transparent and market friendly affirmative action

Build knowledge base infrastructure

Enhance the sources of growth; and

Ensure sustainability of growth.

Read the PM's full speech at: http://www.pmo.gov.my/?menu=speech&page=1676&news_id=227&speech_cat=2)

Students may want to start a discussion on the impact of the NEM on Quantity Surveying and Construction Procurement.

Source: the web address at stated above.

Wassalam.
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