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Dialogue with Business Community in Labuan

Ref No : 10/17/09  31 Oct 2017 Embargo : For immediate release    

Bank Negara Malaysia (BNM) on 27 October 2017, held a dialogue with key representatives from the local business community in the Federal Territory of Labuan. The Dialogue which was chaired by the Gabenor Muhammad bin Ibrahim, provided a platform to exchange views on current issues affecting the local economy and business environment in Labuan. The dialogue was also attended by the Director-General of the Labuan Financial Services Authority (Labuan FSA) and the Deputy CEO (Development) of Labuan Corporation, senior representatives from Labuan FSA and Labuan Corporation as well as senior leadership of several Labuan chambers of commerce.

The discussion focused on understanding issues and challenges faced by the local community in business and home financing. The participants also discussed on potential measures that could strengthen the development and growth of the Labuan economy and enhance the business climate. Some key areas discussed include the reviving of high impact enterprises operating within the Federal Territory, expanding talent development and establishing new tertiary education institutions as well as the construction of a future bridge between Labuan and the Sabah mainland.
BNM welcomed the initiatives by the local business community to nurture Labuan’s talent and in exploring the setting-up of a scholarship fund for deserving students from the island’s community as part of its corporate social responsibility (CSR) activities.
BNM also encouraged the financial institutions in the Labuan IBFC to undertake similar CSR initiatives particularly in sponsoring the construction and upkeep of Labuan’s public amenities.
BNM, the Labuan local authorities and other relevant agencies will continue to engage with the business community to create greater awareness of the information on financing facilities for SME and micro-enterprises. This is to ensure that viable businesses continue to have access to financing. 
The Dialogue calls for on-going surveys and engagements related to Transformasi Nasional 2050 (TN50) by various government agencies and ministries and to conduct outreach programs to the youth and local community in Labuan.
Going forward, BNM will continue to hold these dialogues in Labuan as the Bank’s contribution to the process of nation-building. 

Bank Negara Malaysia
31 Oct 2017

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