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LABUAN, April 19 -- Labuan’s tourism and international business and financial sectors are progressing well in tandem with the national agenda.
Despite the COVID-19 pandemic that has badly hit the two sectors’ operations, the long-term business development plans are unaffected.
Senator Datuk Ras Adiba Radzi was briefed on Labuan’s current tourism development and the duty-free island as an international business and financial centre that have become its engine of economic growth.
Senior officials of the Labuan Financial Services Authority (Labuan FSA) during the briefing said the Organisation for Economic Co-operation and Development’s (OECD) substance requirements had been complied with.
They said the substance requirements would be a boon to Labuan’s economy, creating employment as well as activate economic activities through the annual expenditure among the incorporated companies (industry players).
Ras Adiba, who is also the Malaysian National News Agency (Bernama) chairman, also took time to visit Bernama’s Labuan Bureau office at the Kompleks Kementerian Komunikasi dan Multimedia Malaysia (KKMM) in Jalan Tanjung Teras here.
She is on a two-day working visit to Labuan beginning today.