KOTA KINABALU: An extensive report detailing the economic challenges and issues faced by the island of Labuan will be sent to the Finance Ministry.
Labuan Chamber of Commerce (LCC) chairman Daniel Doughty said they recognised the importance of having a thriving economy that benefits all stakeholders.
"Our aim is to produce a comprehensive economic report and recommendations that will pivot Labuan towards a thriving economy that brings value to the island and nearby states," he said, adding it was moving away from a silo mindset when planning and growing an island economy.
"We will be able to compile the report in four to six months' time," he said.
Doughty said this was a positive step towards addressing the challenges faced by the local business community and would further enhance Labuan's position as the regional oil and gas development hub, transshipment hub for the South-East Asian region as well as an international business and financial centre.
"To provide a comprehensive economic report, the LCC will reach out to multi-disciplinary professionals and academics, engaging with all levels of communities, business communities, and all relevant stakeholders on the ground for their input," he said.
Doughty said past feedback had revealed that the economic issues in Labuan stem from uncertain and ineffective policies and governance matters.
He noted that It was crucial that the report produced is backed by credible data and done professionally for the benefit of the Labuan community.
"The support and collaboration of the Labuan Authority and government agencies in Labuan are essential in sharing their data to ensure the report's success.
"We implore all relevant authorities and stakeholders to recognise the significance of this initiative toward collaboration as intended by the Finance Ministry in our efforts to bring about positive change in Labuan.
"Our collective contribution and collaboration will lay the foundation for a more prosperous and thriving future for everyone," Doughty said.
This was after the Finance Ministry requested the LCC to come up with a full report on Labuan's economic challenges.
During a working visit to Labuan on Sunday (April 16), Deputy Finance Minister II Steven Sim said the report was needed for a thorough study and to find solutions.
"I have received a briefing on Labuan's various economic issues and challenges faced by the business community and people as a whole, and I have noted that.
"We want a full report on that, and we will look at it thoroughly," he said after visiting the Labuan Customs Department.
Sim said the report should also include the issue of the restoration of the full pledged duty-free status of Labuan.
