LABUAN: The Government will soon form a committee called “Invest Labuan” to aggressively promote the duty-free island as an investment destination.
With a view to ensuring Labuan continue to flourish, its focus would be on the sectors deemed more important for the island’s economy in the long run.
“We have liaised and seriously discussed the matter with Labuan Corp and will study the matter thoroughly,” Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin told Bernama.
He said the oil and gas sector was becoming more important to ignite the engines of Labuan’s economy and open up job and business opportunities to the supporting industries that would augur well for the island’s development.
“It (Invest Labuan) may not be on a large scale like Invest KL, which is in progress now, but a serious attention is needed.
“We have set up Invest KL, focusing on Kuala Lumpur development and within the area of Klang Valley, and promotions are being carried out to foreign investors,” Raja Nong Chik said.
He said Labuan was included in the Economic Transformation Programme (ETP) for its oil and gas sector and a draft plan to boost the sector was being formulated.
“The RM3bil Pulau Daat Petroleum Integrated Project is one of the projects identified that can create job opportunities and economic spin-offs for the island,” he said.
Labuan MP Datuk Yussof Mahal said Invest Labuan was aimed at developing the island’s economy continuously by involving the various sectors, relevant authorities and resources.
“It must not only focus on the development of oil and gas but also other sectors which are not less important that have contributed to the island’s coffers over the years.
“Fabrication, shipping, port services, education and tourism, among others, must also be given due attention,” he said.
Yussof said the Labuan think-tank , which comprised chief executive officers of prime sectors like oil and gas and financial sectors, had been discussing the direction of Labuan economy. “Invest Labuan could help us develop the island to be comparable with other states in the country,” he said. — Bernama
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