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LABUAN: The Labuan Chamber of Commerce (LCC) has submitted 4 proposals for Budget 2024 geared toward addressing key challenges and fostering financial development on this duty-free, island federal territory.
The proposals had been introduced to the chief secretary to the federal government Zuki Ali in the course of the Budget 2024 session session with state authorities administrations, trade gamers in the Federal Territories, and different stakeholders on the Auditorium Perdana in Putrajaya final Friday.
LCC secretary Raymund Pang, throughout a presentation of “Labuan’s Economic Transformation: Challenges and Opportunities”, stated Labuan, Malaysia’s worldwide business and monetary centre (IBFC), has been grappling with a number of points that require strategic options to unlock its full potential.
“The LCC’s proposals goal to deal with these challenges head-on and construct crucial mass to drive financial restoration and development,” he stated, including that the primary proposal is to reintroduce transhipment for alcohol and tobacco merchandise reminiscent of cigarettes.
“The first initiative seeks to reestablish Labuan as a transhipment hub, capitalising on the Brunei Darussalam–Indonesia–Malaysia–Philippines East Asean Growth Area (BIMP-EAGA) community.
“By doing so, Labuan can stimulate business actions, create job alternatives, and cut back transport prices,” he stated.
Pang added that the revival of transhipment for alcohol and cigarettes wouldn’t solely strengthen Labuan’s place in the area but in addition contribute considerably to its financial development.
LCC’s second proposal is to relocate the present ferry roll-on, roll-off (ro-ro) terminal to Tanjung Aru Labuan, which might considerably cut back journey time from two hours to simply 45 minutes.
“This transfer will improve logistical effectivity and outcome in substantial value financial savings for each companies and people. Improved connectivity is predicted to spice up commerce and tourism in the area,” he stated.
Pang additionally highlighted the necessity to repurpose the long-abandoned RM86 million Halal Hub Complex.
“The redundant halal hub complicated in Labuan might be remodeled right into a free business zone, creating alternatives for brand new companies and catalysing transhipment actions,” he added.
“This repurposing initiative is predicted to breathe new life into an underutilised asset and additional enhance Labuan’s financial potential.”
Pang stated LCC’s fourth proposal was to develop Labuan as an training hub.
“Leveraging Labuan’s secure and wholesome surroundings, this initiative goals to draw extra personal larger studying establishments to the area.
“By providing incentives to those establishments, Labuan can develop into an training hub, attracting a gradual inflow of scholars. This, in flip, will help native companies, create employment alternatives, and contribute to the upskilling of Labuan residents,” he stated.
Pang stated whereas Labuan has witnessed spectacular financial development, addressing underlying challenges is essential to make sure that this prosperity advantages all residents.
“The initiatives proposed by the Labuan Chamber of Commerce align with the purpose of making crucial mass, thus paving the best way for sustainable restoration and development.”
