Labuan’s economy in ‘disappointing’ infancy after 38 years as FT: Ongkili

Labuan is still in a state of economic infancy despite nearly four decades of federalisation with numerous commercial laws and financial policies formed to drive its international off-shore centre, said PBS president Datuk Seri Maximus Ongkili.

(The Vibes) – The Minister in the Prime Minister’s Department (Sabah and Sarawak Affairs) said the federal government must “recommit” to the development of Labuan as a regional economic and financial investment hub.

“Since the federalisation of Labuan in 1984, a lot of development has taken place, but it has not been sustainable either as an economic finance or regional commercial development centre for Sabah and Sarawak, in particular.

“So after 38 years, it has been a disappointing track record so far (for Labuan),” he said in a statement issued while officiating the annual general meeting of the party’s Labuan division yesterday.

He added that Putrajaya has achieved very little after promising to develop the island’s economy and transform it into a financial hub.

“More than 20 laws and corporate policies for the development of the regional financial centre (have been conceived), but very little has been achieved.

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