Govt wants Labuan IBFC to trigger local economy

LABUAN: The federal government strives to turn the Labuan International Business and Financial Centre (IBFC) into a business and financial hub that can help trigger more meaningful economic activities on the island, Datuk Seri Najib Tun Razak said.

The Prime Minister said it was time for Labuan IBFC to take a relook at its operational journey to enable it to provide an additional spillover and integrate its operations with the local economy.

“And today we are launching the Labuan Financial Services Authority’s (Labuan FSA) Financial Transformation Plan which is expected to bring the desired impact,” he said when launching the Labuan  Development Blueprint 2030 here today.

Najib said the federal government is aware that Labuan IBFC has been operating for so long and has become one of the world’s fastest growing mid-shore and financial centre in the Asia-Pacific region.

For over 30 years, Labuan, as a duty-free island, and Labuan IBFC, have played an important role in the country,  he added. - Bernama