Professional Services Development Corporation

ESTABLISHMENT OF PROFESSIONAL SERVICES DEVELOPMENT CORPORATION SDN BHD (PSDC)

The establishment of PSDC was instrumented by the 22 professional bodies through a memorandum titled “Challenges Faced By The Services Industry As A Result Of Globalisation And Liberalisation Pressures With Emphasis On Professional Services” presented to the National Economic Action Council (NEAC) in 2000. The memorandum proposed, among other things, the establishment of PSDC and National Professional Services Export Council (NAPSEC) to face the challenges of globalisation.

Pursuant to this the Cabinet approved the establishment of both bodies in May 2001. PSDC was incorporated on 30th April, 2002 as a private limited company under the Companies Act, 1965 , and wholly owned by Minister of Finance Incorporated.

The objectives of PSDC as outlined in the memorandum are as follows:

To strengthen the technological, organisational, managerial and IT capabilities of professional service organisations to face the challenges posed by globalisation and liberalisation.
To create a database of professional service organisations and individual experts in different disciplines and to update it regularly.
To act as a clearing house and information centre on both local and foreign market intelligence and other relevant information that professional service providers generally require.
To obtain and store information on countries of interest for the export of professional services.
To maintain data and information on various international financial institutions, responsible for funding development projects and/or technical assistance programmes and who would require registration and use of qualified professional service providers.
To promote the utilisation and application of R&D efforts both locally and from other countries willing to share the results of their efforts for mutual benefit.
To develop linkages with similar organisations in other countries to develop synergies in the promotion and enhancement of professional services through sharing of market and other information mutually beneficial to the country of the professional service providers.
To assist other developing economies in the region and beyond, where required, in the setting up of similar professional services development centres that would better facilitate linkages in this sector.
In the longer term to promote PSDC in Malaysia as the “hub” for the development and enhancement of the professional services sector in the region.
To focus attention and assist in the solution of problems of professional services development at national, regional and international levels.
To identify and encourage the promotion of export of professional services in niche areas where Malaysian consultants have excelled locally in the past.
To formulate and implement a programme of training of Malaysian professionals in identified areas in order to continually upgrade and update their professional skills.
To facilitate such other programmes necessary to develop and maintain the competency of professional service organisations in Malaysia.