Labuan Corp outlines strategic plans to attract foreign investors

By Jailani Hasan

LABUAN, Feb 1 (Bernama) -- Labuan Corporation has outlined short and long-term plans to attract foreign investors to the international business and financial centre of Labuan.

Its chief executive officer Rithuan Ismail said among the plans that the agency is currently taking is to establish closer cooperation with all investment agencies as well as in the economic corridor of Brunei, Indonesia, Malaysia and the Philippines East ASEAN Growth Area (BIMP-EAGA).

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“Through this strategic collaboration, promotion for investment opportunities in Labuan can be utilised especially in targeted industries such as oil and gas, international business and financial centre (IBFC) and tourism,” he said on Bernama TV’s “The Brief” programme in conjunction with Federal Territory Day today.

He said the approach in the plan also focused on simplifying the approval process and reducing the bureaucracy of project implementation, holding dialogue sessions and engagement sessions with business chambers, investors and industry players more often by involving agencies such as the Ministry of International Trade and Industry, Malaysian Investment Development Authority, embassies and foreign high commissions in Malaysia.

“This is to find a solution to the challenges faced by investors in project implementation,” he said.

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Rithuan said the plan also focused on studying the potential of foreign investment and strengthening local investment by requesting Malaysia External Trade Development Corporation’s assistance to increase global market access by integrating local companies into global chains through strategic collaboration in various international trade/exhibition platforms.

In addition, another strategy is to provide commercial and industrial areas with the involvement of local subsidiaries and developers to provide services to potential investors who are interested in investing in Labuan.

He said further efforts in the promotion of investment opportunities through advertising in print or electronic media within and outside the country will be implemented; participation in exhibitions related to investments at the domestic and international level; and organise at least one expo/exhibition a year related to investment in collaboration with agencies under the Federal Territories Department.

-- BERNAMA