LABUAN: Labuan Corporation (LC) has identified potential investors who are keen on investing in various sectors on the island, said chief executive officer Dr Fary Akmal Osman.
She said new investments are essential to accelerate the island’s economic development in line with the Labuan Development Blueprint 2030 – in order to transform the island into a smart and sustainable island city.
“However, we must do away with the red tapes and bureaucracies obstructing potential investors coming to Labuan for investments… we cannot afford to let (them) slip through our fingers.
“We might not be able to close the deal in one month, it may take six months or up to a year. We are always cautious in our negotiations as our investment deals are very much focused on accelerating economic activities and providing employment opportunities for the locals,” she told Bernama yesterday.
The announcements on the upcoming investments will be made by Federal Territories Minister Khalid Abdul Samad soon, said Fary.
The LC has also consulted with the Malaysian Investment Development Authority (MIDA) officials for guidance for Labuan’s economic and investment ecosystem and in identifying infrastructures needed for future developments.
“We are focusing on logistics, retail, trading and tourism. These three sectors will be developed further to spur the island’s economy,” she said, adding that the LC hopes that MIDA will consider providing attractive incentives to lure new investments into Labuan.
Meanwhile, she said the LC has also been discussing with Petronas Methanol Labuan on the establishment of an education fund to assist local students to pursue their studies in international schools and higher learning institutions.
“We believe this should be done not only by Petronas but also other companies, including multinational oil companies operating and reaping huge profits in Labuan, as part of their corporate social responsibility,” she said. — Bernama