Labuan Development Action Council to spearhead economic development monitoring

LABUAN: The newly-established Labuan Development Action Council will spearhead the monitoring exercise of the Federal Government’s economic development projects on the duty-free island.

The council will lead the more than 80 government agencies and departments here in the development plans for the people and the island.

Federal Territories Minister Tan Sri Annuar Musa said Labuan, being Malaysia’s international business and financial centre and the region’s oil and gas hub, should be given a new breath of life in terms of economic development plans.

“We have seen the progress of the two main sectors here but there are still limitations for Labuan to progress further.

“Taking into consideration the current geopolitics, with Labuan being strategically located within Borneo Island, it is potentially emerging as a dynamic and progressive island.

“We are of the view that a game-changer needs to be formulated to turn Labuan into a vibrant Federal Territory,” he told reporters, ending his two-day working visit to Labuan today.

He said services for deepwater oil and gas exploration could still be explored with better facilities to be offered for the industry players.

“As we understand it, as Labuan is only providing such services in shallow water, we might as well embark on deepwater services,” he said.

Annuar said deep sea ports could also be established in Labuan to cater for ship owners and maritime industry players with operations in Labuan waters.