LABUAN: Business operations of both foreign and Malaysian companies within the Labuan International Business and Financial Centre have created economic activities, investments, and revenue that benefit the nation’s coffers and the island as a whole.
Finance Minister II Datuk Seri Amir Hamzah Azizan said the steady increase in companies operating within the Labuan IBFC has generated economic spillover effects through mandatory local spending and job creation for residents of Labuan, as well as Sabah, Sarawak, and Peninsular Malaysia.
He stated that the presence of leading banking institutions on the island reflects the competitiveness and relevance of Labuan IBFC’s services and products, which align with Malaysia’s aspirations to strengthen its role as a regional financial hub.
Amir Hamzah made these remarks during a press conference after officiating the 35th anniversary celebration of Labuan IBFC today.
He also said that the positive development of Labuan’s financial and business ecosystem is underpinned by continuous improvements in local infrastructure.
This enables Labuan IBFC to attract greater international interest and enhance its long-term competitiveness. – Bernama