Labuan To Focus On Four Key Economic Areas To Drive Growth, Says Liew

LABUAN, April 8 (Bernama) -- Four key economic areas have been identified to uplift the socio-economic landscape of the duty-free island of Labuan, according to Deputy Finance Minister Liew Chin Tong.

He said the focus areas are food-related manufacturing, oil and gas, financial services and tourism, which are seen as potential engines of growth.

“These economic areas have the potential to become key drivers of growth for Labuan, creating spillover effects and jobs for the local community,” he told a press conference here today, wrapping up his two-day working visit to the island.

Liew said discussions during the visit also touched on positioning Labuan as a potential sandbox for new financing models to support innovation and development.

“We hope Labuan will not only serve the wealthy but also play a developmental role within the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA),” he said.

He stressed that Labuan must move beyond its traditional economic strategies and adopt more sustainable growth engines.

“We want to see new economic areas developed, particularly those driven by innovation that can benefit the local economy and create employment,” he added.

During his visit, Liew toured several strategic economic locations, including the Labuan Financial Services Authority, Petronas Methanol, Asian Supply Base, Labuan Port and a tuna processing factory. He also held engagement sessions with Labuan Corporation and small and medium enterprise players.

Liew noted that increased manufacturing activities on the island would lead to higher cargo movement, which could help reduce logistics costs and benefit consumers through lower prices of goods.

“I believe the newly established Labuan task force focusing on addressing economic challenges on the island can take these issues forward,” he said.

-- BERNAMA