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Govt Urged to Render More Support, Funding for CIDB

2 October 2019

BERNAMA.com

KUALA LUMPUR, Oct 2 — Construction and development company ORANGEBEAM Bhd has urged the government and regulators to render more support and funding to the construction Industry Development Board Malaysia (CIDB) to form an alternative financing task force.

Group managing director Datuk Faris Yahaya said the task force should include research and studies to develop a friendlier model to support construction companies that struggle to keep afloat during a global economic downturn.

He pointed out that the time was now ripe for the construction sector to step up and create greater economic impact as Malaysia solidified its position as one of the leading emerging markets today.

“This is also an invitation to my fellow industry peers to rise to the occasion, connect with our partners across the value chain and together work on a holistic digitisation framework for the construction sector that we can present to the government,” said Faris in a statement today.

He noted that the current financing models presented risks for both construction players and clients.

“For example, with the Project Delivery Partner (PDP) model, clients ultimately bear risks that come with overruns and on the other hand, with the traditional turnkey model, contractors stand to lose out in similar situations.

“Today, there are alternative models that might present a win-win situation for both sides, from peer-to-peer platforms to non-bank financing trends,” he said.

Faris also suggested that the government consider allocations to relevant agencies to develop low-risk test bed opportunities for local players to enable the exploration of technologies and innovative solutions for building and construction.

He said the industry needed technology research with long-term horizons and applied research that helps deploy existing and emerging technologies effectively and imaginatively, all towards improving industry profitability.

“While we are appreciative of existing incentives by the government to encourage adoption of technology, these are currently limited to certain sectors.

“We would like the government to consider extending them to other industries, including construction, targeting players who are looking beyond existing technologies like robotics and artificial intelligence,” said Faris.

ORANGEBEAM also called upon the government to consider allocations to enable not just technology adoption, but also the IoT, for the smart cities vision to take off.

“When used in the development ecosystem, it can also potentially lower construction costs and create safer building practices,” said Faris.

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