Labuan FSA, Labuan Corporation Urged To Boost Economic Spillover

LABUAN, Jan 14 (Bernama) -- The Labuan Financial Services Authority (Labuan FSA) and Labuan Corporation (LC) must collaborate closely to strengthen the island's economy and ensure the benefits reach the local community, Minister in the Prime Minister's Department (Federal Territories) Dr Zaliha Mustafa said.  

She emphasised that the partnership should extend beyond economic enhancement, ensuring it delivers tangible benefits to the people. 

“I had a productive discussion with Labuan FSA officials on the agency’s performance and activities.  

“I’m impressed by the jurisdiction’s steady growth, reflected in an eight per cent increase, with 66 new licences issued in 2024,” she told Bernama after her two-day visit to Labuan tonight.  

Dr Zaliha noted that Labuan FSA made a significant contribution to the island's economy, accounting for 52 per cent of industry expenditures, office occupancy, and employment opportunities.  

She also highlighted Labuan FSA’s recent recognition as the Best International Jurisdiction for Islamic Banking and Finance 2024 at the Global Islamic Financial Awards.  

For LC, Dr Zaliha urged continued proactive efforts to facilitate business operations and boost confidence among local and foreign investors.  

“We must go beyond celebrating achievements and revenue figures. Economic growth must translate into meaningful benefits for the people,” she added.

-- BERNAMA