Efforts to attract private sector inward investment to enhance Wales’s infrastructure could be given a significant boost through the adoption of new global construction standards, an event in Llandudno heard recently.

RICS (Royal Institution of Chartered Surveyors) organised the high-level gathering for chartered surveyors, business people and stakeholders on the construction market at the Venue Cymru theatre and conference centre, which involved Mark Drakeford AM, the Welsh Government Cabinet Secretary for Finance.

Speakers also included RICS’s Technical Standards Director, Alexander Aronsohn, and leading construction professionals from across the UK.

RICS highlighted that there is a significant gap in private sector investment in infrastructure and that adopting ICMS (International Construction Measurement Standards) would make Wales more attractive to international investors – providing greater transparency, consistency and certainty for them.

At present, there is a lack of consistency in how construction projects and costs are measured and reported around the world, which can provide risks for investors.

Widespread adoption of ICMS in the Welsh construction market could provide Wales with a real competitive advantage and signal to potential international investors that Wales is an attractive market to invest in, RICS outlined.

Finance Secretary Mark Drakeford said:

“The Welsh Government has ambitious plans to invest in Wales’ infrastructure and has set out a programme to maximise the use of £6.5bn of capital spending over the coming years. “I was pleased to be able to share some of these plans at the RICS event and learn more about the International Construction Measurement Standards and their potential impact for Wales.”

David Morgan, RICS Policy Manager in Wales, said:

“The need for accurate reporting of costs in construction and infrastructure projects is critical not only in terms of attracting investors but also for assessing the economic viability of projects and maximising their impact. And we know that investing in infrastructure in Wales is absolutely essential. ICMS provides global consistency in reporting; the kind of consistency that inward investors increasingly demand, and government projects need. Our message is very clear to the Welsh construction sector and stakeholders that widespread adoption of ICMS provides the opportunity for significant competitive advantage.” “We were delighted to have Mark Drakeford AM at the event to hear his perspective on the construction and infrastructure sector in Wales and to discuss these issues with him. We will continue to engage with government, stakeholders, members and the wider construction sector to advocate the adoption of ICMS for the benefit of the Welsh economy as a whole,” he adds.

Further information about ICMS is available at: http://www.rics.org/uk/knowledge/professional-guidance/international-standards/icms-international-construction-measurement-standards/