GEORGE TOWN – Labuan International Business and Financial Centre (Labuan IBFC) is an ideal strategic pathway for Malaysian businesses that are looking at penetrating the ASEAN’s burgeoning markets.
This was one of the key takeaways from the Labuan IBFC-Malaysian International Commerce and Industry (MICCI) Malaysian Roadshow for 2016 held here Wednesday.
“With the ASEAN Economic Community, investors and businesses, including those based in Malaysia are able to gain access to a larger marketplace in ASEAN,” Labuan IBFC Incorprated Sdn Bhd board member Datuk Chin Chee Kee said.
“Labuan IBFC is an ideal entry point for Malaysian investors and businesses into ASEAN, allowing companies to operate in a tax and currency neutral environment offered in the jurisdiction.
“Without a doubt, Labuan IBFC’s unique qualities offer comprehensive options for Malaysian businesses that are going global to look at penetrating the ASEAN’s burgeoning markets.”
According to a report in the New Straits Times, the Labuan IBFC-MICCI Malaysian Roadshow seeks to showcase Labuan IBFC’s strategic position in in the region linking and facilitating trade and investments across Asia’s economies, including from Malaysia out to the region.
Chin also said that Labuan IBFC has grown from strength to strength in the 26 years and such has clearly demonstrated by the robustness of the financial centre, notwithstanding a downturn in global trade and investments.
He added: “We are fortunate to be in Asia, which allows Labuan IBFC to grow in tandem with the region.
“At a time when some other centres are recording negative growth rates, Labuan IBFC recorded an increase of over 7 per cent in the number of companies. It is a testament of not only the attractiveness of Labuan IBFC but also the high economic prospects of the region.”
Currently, Labuan IBFC is home to 13,000 companies, 209 insurance companies, 54 banks and 374 leasing companies establishing a strong and sound financial infrastructure.
The Labuan IBFC-MICCI Malaysian Roadshow 2016 aims to target local business owners looking to internationalise or regionalise their businesses by offering Labuan IBFC’s diverse services and solutions in a well-regulated yet cost-efficient and business-friendly environment.
The roadshow consisted of a series of half-day masterclasses with a focus on introducing the midshore jurisdiction and its offerings, ending with a panel discussion.
It will also be in Johor (November 17) and Kota Kinabalu, Sabah (November 22).