Labuan IBFC, a driver for growth in Labuan Development Blueprint 2030

PHOTO: Labuan Member of Parliament, Datuk Rozman Isli (right) and the director-general of Labuan Financial Services Authority (Labuan FSA), Danial Mah Abdullah (left) shows Labuan Development Blueprint 2030 after media briefing held at Labuan FSA on yesterday.

January 18, 2018

LABUAN – Labuan Development Blueprint 2030 is the latest development plan prepared by Labuan Corporation (LC) to guide the growth of Labuan according to its function as provided in Labuan Corporation Act 2001 (Act 609).

The blueprint helps LC to carry out its functions as local government and local planning authority.

It is a document to leapfrog Labuan from economy relying heavily on oil and gas sector to a more diversified economic based on tourism and other service sectors in order to strengthen its role as a competitive regional growth centre in the South China Sea region.

It is a holistic and comprehensive plan driven by economic drivers to generate growth and wealth that will benefit the people of Labuan as well as improving the infrustructure and the whole eco-system.

Labuan Development Blueprint 2030 provides clear strategic direction and identified projects and programmes in focused areas. It is more like a hybrid of development plan where it comprises not only a development plan, but also an investment plan and projects implementation brief that are based on one vision – Smart and Sustainable Island City.

The vision is supported by three mission statements that provides the hard and soft framework encompassing the economy, the inclusiveness and the built environment in making cities more liveable and resilient to future challenges.

Both the vision and missions will spearhead the formation of roadmap for Labuan’s growth and transformation into the future.

Meanwhile, in Labuan International Business and Financial Centre (Labuan IBFC) Transformation Plan, it is imperative for Labuan IBFC to be transformed in tandem to external developments and the rigours of international business as well as the economic needs of the island.

Although, Labuan IBFC has been a key economic driver for Labuan, the centre needs to be further integrated with the island’s economic agenda so that there is a sustainable and better symbolic relationship between the two.

In transforming Labuan IBFC, there are four key areas of focus:

i) Maintain attractiveness for its regional business by enhancing its competitiveness vis-a-vis other centres to enable Labuan IBFC to be leveraged by body corporates and governement-linked companies for their outward investments to the region;

ii) Nurture its trading companies market including captive insurance, wealth management, private banking and leasing;

iii) Strengthen the fiscal regulations to ensure that the viability, sustainability and competitiveness of the businesses in the centre are maintaned; and

iv) Support the island’s economic development by creating economic spillover effects especially more employment opportunities for the people of Labuan. In this regard, key real economic sectors on methanol supply chain, ship and aviation maintenance, tourism, education services and healthcare services will be incentivised.

With the transformation, Labuan IBFC and the island can attain greater prominence to serve East Malaysia, Asean as well as Asia-Pacific regions.

In summary, Labuan IBFC transformation plan reflects the government’s commitment to elevate the economic stature of Labuan to become an integral component of our nation’s growth.

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