The private sector has a strong interest in CoST. It benefits from good practice in procurement and project management capacity within procuring entities, which ensures fair competition for contracts and a competent partner during the construction process.
Within a national economy, construction companies bid for and deliver publicly-funded infrastructure projects. Responsible companies take pride in delivering to an appropriate specification and in demonstrating cost-effective use of public funds. Where companies do not behave responsibly, there is a need to maintain fair competition for all.
Companies and private sector member associations can show their support for CoST through active participation on the Multi-Stakeholder Group (MSG). Every MSG includes representatives from private companies and professional associations representing specific aspects of the construction sector.
These industry members bring in managerial knowledge of the sector that empowers the MSGs to understand the complexities of infrastructure projects. Their knowledge is crucial in strengthening the contribution of the civil society representatives on the MSG. Civil society MSG members often represent communities or advocacy groups and do not necessarily have the specific knowledge required to best apply CoST to the construction cycle, or to interpret the data produced.
In recognition of its significance for the construction sector, CoST is supported by a number of prestigious multinational construction companies and international business associations. Please click here, for more information on these supporters and how to become a supporter. Please clicke here for a briefing note which shows how private sector participation has worked so far within CoST, and the benefits for private sector supporters of the programme.