Ongkili delivering his speech at the PBS P166 Labuan 36th and 37th Annual General Meeting, on Monday.
LABUAN ( March 21): After nearly four decades of federalisation, Labuan is still in economic infancy despite numerous commercial laws and financial policies formulated to drive its international off-shore investment centre.
Calling for the economic revival of this island, Parti Bersatu Sabah President Datuk Seri Dr Maximus Ongkili said the Federal Government needs to recommit to reinvigorating the development of Labuan as a regional economic and financial investment hub.
“Since the federalisation of Labuan in 1984, a lot of developments have 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 when officiating the PBS P166 Labuan 36th and 37th Annual General Meeting, here.
The Minister in the Prime Minister’s Department (Sabah and Sarawak Affairs) added that the promises of rapid economic commercial development, especially at the time of federalisation and later the excitement of financial centre hub, were huge or many, but until today, very little has been achieved.
“More than 20 laws and corporate policies for the development of the regional financial centre, but very little has been achieved. Also in terms of economic development, Labuan has been stagnant for the last five years.
“The promise of a bridge connecting Labuan and Sabah has been approved by the Federal Government but until now, no development has taken place. The financial commitment for the project, to date, had not been achieved,” he stressed.
The Kota Marudu Member of Parliament further stressed that there was also still water shortage problem on the island, including huge problem caused by outdated water pipes, which are hardly replaced.
“The situation worsens with the oil and gas sector has not been performing since the last three years.
“People living on this island expressed their disappointment and felt their welfare is taken for granted.
“Business operators and chambers are beginning to voice out their worries and grouses, stressing that Labuan’s economic centre will continue to be forgotten, unless the Federal Government takes drastic economic and policy intervention to overcome the problem,” Ongkili stressed.