The Financial Secretary, Mr Paul Chan, and the Secretary for Development, Mr Michael Wong, today (June 23) officiated at the Project Cost Management Forum 2021, organised by the Development Bureau, with the theme "Cultivating Cost-Consciousness".
The Budget this year emphasised the importance of cost management for the sustainable development of the construction industry, and proposed to promote a cost management culture to the industry.
Speaking at the forum, the Financial Secretary, Mr Paul Chan, said that infrastructure and the construction industry have been playing vital roles in the economic development of Hong Kong, and will also be crucial to the post-pandemic economic revival. The Government will continue to invest in infrastructure, with the annual capital works expenditure to exceed $100 billion in the next few years, and the annual total construction volume to increase to around $300 billion.
Mr Chan said he was pleased to note that Hong Kong's construction cost had dropped from third to eighth in the annual ranking of 100 major cities according to the Arcadis 2021 International Construction Cost Index. This encouraging result stems from the joint efforts of every stakeholder in the industry.
Mr Chan added that it is most important to build a cost-conscious culture for the construction industry's success through the 21st century's unbounded opportunities. The industry should continue to strengthen project governance and adopt innovative construction strategies to ensure that Hong Kong's public resources are used more effectively.
The forum brought together about 200 stakeholders in the industry, including directorate officers of the Government's works departments, project managers of major public organisations, representatives of professional institutions and industry associations, consultants, contractors and academics. They exchanged views on the topics of project cost management, cultivating a cost-consciousness mindset and enhancing cost-effectiveness.
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