LCC supports call to reserve half of Labuan’s annual income for infra devt

LABUAN: The Labuan Chamber of Commerce (LCC) has echoed Securities Commission Malaysia (SC) chairman Datuk Seri Dr Awang Adek Hussin’s call to reserve at least half of Labuan’s annual income to address the federal territory’s pressing infrastructure challenges.

The chairman of LCC, Daniel Doughty, has emphasised the critical need for Labuan to allocate a substantial portion of its income towards enhancing its infrastructure to counter the island’s sluggish economic progress.

“Retaining half of Labuan’s RM1.2 billion annual income is crucial for bolstering local governance capabilities, expediting infrastructure projects, and improving service delivery to both the community and businesses,” he told Bernama today.

Daniel’s remarks came in response to Awang Adek’s keynote speech during the Labuan Rejuvenation High-Level Roundtable, a collaborative effort between the SC, Labuan Financial Services Authority (Labuan FSA), Department of Federal Territories (JWP), and Labuan Corporation (LC) in Kuala Lumpur on Thursday (May 9).

Awang Adek stressed the importance of Labuan retaining a larger share of its income for development needs, pointing out that the island contributed RM1.2 billion to the federal government’s revenue, while only receiving RM189 million under the 12th Malaysia Plan Mid-Term Review.

Awang Adek highlighted the significance of addressing Labuan’s basic infrastructure issues to attract new businesses and proposed innovative strategies such as a tailored digital nomad scheme to further enhance Labuan’s appeal and emphasised that more concerted efforts are required to revitalise Labuan’s economy.

He supported calls for the revival of the LabuanMenumbok bridge project and the reinstatement of Labuan’s duty-free status, both of which are crucial for economic growth.

Daniel echoed Awang Adek’s sentiments, emphasising that these initiatives align with global economic trends and are essential for positioning Labuan as a competitive player on the international stage.

— Bernama photo* LCC has emphasised the critical need for Labuan to allocate a substantial portion of its income towards enhancing its infrastructure to counter the island’s sluggish economic progress.