Labuan Corp Advisory Council's First Meeting Looks At Strengthening Island's Economy

By Jailani Hasan

LABUAN, Feb 14 (Bernama) -- Members of the Advisory Council of Labuan Corporation commenced their inaugural meeting today, focusing on strengthening the island’s economy and addressing several outstanding and emerging economic challenges.

Advisory Council chairman Datuk Bashir Alias said the meeting served to refresh and reaffirm the council’s role in enhancing Labuan Corp’s development agenda for the benefit of the island and its people.

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“We discussed a wide range of issues related to Labuan’s outstanding and newly arising matters, which will certainly be brought up to the higher level within the Labuan Corp for further action,” he told Bernama today.

He said the council members, who come from diverse economic specialisations, are well-positioned to contribute their expertise to formulating practical solutions to spur economic growth.

Another council member, Datuk Seri Patrick Tiong, a prominent player in the logistics and maritime industries, said one of the key issues highlighted was the effort to attract more international cruise liners to call at Labuan Port.

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He stressed the need for constant coordination and cooperation among all relevant agencies to ensure smooth reception arrangements for cruise vessels.

Tiong said a tentative international cruise call at Labuan Port in October augurs well for the island’s tourism industry and could serve as a catalyst for related sectors, including hospitality, retail and transportation.

He also highlighted issues related to Labuan’s taxation system, saying it should remain competitive and attractive to both domestic and foreign businesses.

“Perhaps the government should consider offering a three per cent tax rate for trading businesses or other sectors, similar to what is currently enjoyed by players under the Labuan International Business and Financial Centre,” he said.

Tiong said such measures would greatly encourage more businesses to prosper and contribute to national coffers, while positioning Labuan as a more attractive business destination.

The new line-up of the Labuan Corp’s Advisory Council comprises Bashir as chairman, and members including Tiong, Datuk Ramli Tahir, Datuk Wong Kii Yii, Niswati Tarji, Seah Kiat Leong and Haziq Ruslain. 

-- BERNAMA