LABUAN, Jan 17 (Bernama) -- Labuan must not compete directly with other states in terms of economic development but instead focus on its own unique strengths to remain competitive and on par with other states, said Deputy Minister in the Prime Minister’s Department (Federal Territories) Datuk Lo Su Fui.
He said every state has its own advantages, and Labuan should capitalise on sectors where it has a strong foundation, particularly oil and gas (O&G) and the international financial services industry.
“Labuan has its own strengths… we should focus on these strengths so that Labuan can stand on equal footing with other states,” he told reporters after the presentation of appointment letters to the Labuan Corporation (LC) Advisory Council at Wisma Perbadanan Labuan here today.
However, Lo stressed that Labuan should not be overly dependent on the O&G sector, noting that the industry is cyclical and subject to downturns.
“O&G has its ups and downs… therefore, Labuan must look beyond this sector and explore more sustainable economic activities to ensure long-term growth and stability,” he said.
In addition, Lo said he has been entrusted with looking into several long-standing issues affecting the island, including water and electricity supply disruptions and the high cost of travelling to and from Labuan.
“These are among the issues that continue to burden the people…we will make efforts to resolve these issues,” he said, adding that the concerns would be addressed through engagement with relevant agencies and stakeholders.
He added that improving basic infrastructure and connectivity was crucial to enhancing the quality of life of Labuan residents and supporting the territory’s overall economic development.
Lo is on a one-day working visit to Labuan, marking his first official visit to the island since his appointment as Deputy Minister in the Prime Minister’s Department (Federal Territories).
Meanwhile, five members have been appointed to the LC Advisory Council for the 2025-2027 term.
They are prominent maritime and logistics industry leader Datuk Seri Patrick Tiong, Datuk Dr Ramli Tahir from the Labuan Islamic Chamber of Commerce, Datuk Wong Kii Yii from the Labuan Chinese Chamber of Commerce, Seah Kiat Leong and Haziq Ruslain from Parti Keadilan Rakyat (PKR).
-- BERNAMA
