Key Transformational Highlights - Labuan IBFC: A Driver for Growth
Growth drivers have been identified in Labuan Development Blueprint 2030 (Labuan Blueprint) as the engine of Labuan's economy to keep Labuan's growth at the rapid rate as experienced in the previous years. The selected growth drivers are more diverse able to spur both economic development and inclusiveness. With Labuan's limited population and resources, the selected growth drivers are sectors that are able to export their products and services to consumers outside Labuan. Thus, their growth are not constrained by the size of domestic market, but the demand within the extended market and larger catchment. However, the success of these growth drivers must be supported by good enabling environment especially the connectivity to the immediate regional market.
Labuan is already on the right track with its function as a financial centre, duty free island and tourism destination. These functions are spelled-out in the Labuan Company Act 1990 and thus will continue to be the growth drivers for Labuan. Labuan also has become an oil and gas hub with its gas terminal, methanol plant and oil and gas supply base that support the neighbouring Sabah and to some extend Sarawak and Brunei Darussalam. Labuan has reaped the benefits of the growth of these economic drivers with its robust economy but the mission to move forward is to strengthen and diversify these existing economic drivers in order to stay resilient and not be vulnerable to global changes.
Under the Labuan Blueprint, the financial and oil & gas sectors in Labuan will be strengthened whilst education...
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