MIDA, CIDB ink MoU to raise standards, competitiveness of construction sector

MIDA, CIDB ink MoU to raise standards, competitiveness of construction sector

11 Nov 2021

The Malaysian Investment Development Authority (MIDA) and the Construction Industry Development Board (CIDB) have inked a memorandum of understanding (MoU) to promote technology adoption and global best practices among Malaysian construction industry players in order to raise the standards and competitiveness of the sector.

The MoU, with a five-year partnership commitment to strengthen the Construction 4.0 Strategic Plan, is in line with the Wawasan Kemakmuran Bersama (WKB) 2030 and the National Policy on Industry 4.0 (Industry4WRD), MIDA said in a statement today.

“The collaboration will also see both parties enhancing the areas of policy development and advocacy; research and development, training, and promotion of Industrialised Building Systems (IBS); Industrial Revolution 4.0 (IR4.0) and Construction Revolution 4.0 (CR4.0) technologies; green initiatives and building materials quality; as well as investment promotion in relevant sectors,” it said.

MIDA chief executive officer Datuk Arham Abdul Rahman said the MoU would maximise production output, increase investments, improve quality, and practice sustainability in the manufacturing, services and construction sectors.

“Industries are encouraged to work on sustainable practices of environmental, social and governance (ESG) towards enhancing Malaysia’s competitiveness.

“We are here to advise on IBS incentives, green initiatives and building materials compliance, research and development, training, and promotion efforts,” he said.

In the recent five years, MIDA has approved a total of 56 IBS projects for manufacturing licence valued at RM4.5 billion in investments with 4,521 in employment opportunities, including skilled positions for engineers, specialised quality controllers and highly skilled technicians.

Source: Bernama