Third, existing rules should be modified and new rules should be adopted only as necessary or substantially desirable to support the use of electronic technologies. Finally, any drafting process should involve the high-tech commercial sector as well as businesses that have not yet moved on-line. BIS Review 26/1998  -5Unlike the situation in the retail electronic payments area, where there has been significant private-sector resistance to developing legal standards, there is an increasing consensus, both domestically and abroad, that electronic commerce will not flourish until there are laws addressing the validity of electronic contracts and the legal significance of attribution procedures used by parties to determine the identity of the sender of an electronic message. Domestic Efforts Domestic efforts to address these needs have proceeded under two very different venues. First, there is the work of the NCCUSL and the ALI to modernize the UCC to reflect the realities of the Internet. In the absence of Federal legislation or regulation, the NCCUSL/ALI drafting process is attractive for at least two reasons. First, the general approach of the UCC is consistent with the views of many in the emerging electronic commerce community in that it allows for variation through private contract. Second, NCCUSL/ALI has been extremely successful in ensuring that commercial law is essentially the same in substance among the fifty states. This success largely results from the care that NCCUSL takes in establishing drafting committees that reflect diverse interests affected by the particular legislation being considered.

I am pleased to note that many Malaysian companies have already established their presence in the global construction industry with commendable achievements. The number of overseas projects awarded to Malaysian contractors has increased by 43% to 40 in 2008 valued at RM8.5 billion, from just 28 projects valued at RM2.9 billion in 2004. In 2008, the Middle East region being the major end-users of the projects undertaken by Malaysian contractors, accounted for nearly RM6 billion or 68% of the total value of the projects comprising various sectors including energy and transportation. Indeed, the achievement  BIS Review 7/2010  1  signifies that our local contractors do have competitive advantage to reap the vast opportunities in the global market. In complementing the efforts of local contractors to strengthen their international presence, relevant authorities and institutions should be continued to enhance and improve the enabling environment. In this regard, I am pleased to note that the CIDB has effectively played a key role in promoting the capabilities and strength of Malaysian contractors to the relevant parties in the global market. Apart from having well established companies with excellent track record to undertake infrastructure projects, the other critical component in ensuring the success of infrastructure development is the availability and accessibility to financing. Bank Negara Malaysia has always accorded and will continue to accord high priority to ensure that financing continues to be available to support the needs of the economy.