Liberalization of Qs
Liberalization of Quantity Surveying Liberalization is defined as making economics free to enter in the market and establish their venture in the country. On 19th January 2009, the Malaysian government has announced that the new mini budget will include comprehensive measures to liberalize the service sectors which include quantity surveying with the main objective to increase contribution of the service sector to the GDP up to 70%. In 2012 budget speech on October 7, the Prime Minister announced liberalization of several service sectors to spur further private investment and accelerated growth. The budget specifies up to one hundred percent foreign equity will be allowed in key sectors such as healthcare, education and professional services.
The aim of implementing the trade liberalization is to create conducive investment climate for both foreign and domestic market which in turn, is positively correlated with economic growth (Rahim, 2004). For example investors feel more opportunistic and secured financially in an open and free from all barriers markets when certain trade barriers that previously might restrict their business are removed. It is only prudent for any country to court investors, regardless locally or foreign as they bring intellectual capital and technology
(Brotosusilo, 2006). In furtherance, Malaysia must stipulate the expected timeline for the liberalization of identified sectors or sub-sectors in a process called “scheduling”. Malaysia also must indicate any limitations on market access and national treatment. Since 2005 till to date, more than thirty countries have requested Malaysia (Mazunder, 2002) to liberalize or further liberalize for a wide range of professional services placed under the current commitments. Malaysia continues to relax some of the policies in regard to professional services (MITI, 2009). For example, foreign quantity surveying firm can now offer their quantity surveying service in Malaysia. However they must
The aim of implementing the trade liberalization is to create conducive investment climate for both foreign and domestic market which in turn, is positively correlated with economic growth (Rahim, 2004). For example investors feel more opportunistic and secured financially in an open and free from all barriers markets when certain trade barriers that previously might restrict their business are removed. It is only prudent for any country to court investors, regardless locally or foreign as they bring intellectual capital and technology
(Brotosusilo, 2006). In furtherance, Malaysia must stipulate the expected timeline for the liberalization of identified sectors or sub-sectors in a process called “scheduling”. Malaysia also must indicate any limitations on market access and national treatment. Since 2005 till to date, more than thirty countries have requested Malaysia (Mazunder, 2002) to liberalize or further liberalize for a wide range of professional services placed under the current commitments. Malaysia continues to relax some of the policies in regard to professional services (MITI, 2009). For example, foreign quantity surveying firm can now offer their quantity surveying service in Malaysia. However they must