Sabah to use BIMP-EAGA to accelerate Labuan’s economic growth

LABUAN (Bernama) – The Sabah state government is planning to leverage the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) platform to help accelerate Labuan’s economic growth.

Sabah Chief Minister Datuk Seri Mohd Shafie Apdal said there are also plans to activate the downstream processing industry of the certain sectors in Sipitang that would have trickle-down effects on Labuan.

“Labuan’s international financial sector is far better compared to other centres in the region… however, concerted efforts to aggressively promote the sector from the federal government are needed,” he said during a meeting with representatives from seven Labuan business chambers yesterday.

The business chambers are Malaysian Malay Chamber of Commerce Labuan (DPMML), Labuan Chamber of Malay Entrepreneurs (DUML), Labuan Tiong Hua Chamber of Commerce, Labuan India Chamber of Commerce and Industry, Kadazandusun Chamber of Commerce and Industry, Malay Businessmen and Industrialists Association (Perdasama) and Labuan Islamic Chamber of Commerce.

The Chief Minister said Labuan must develop attractive tourism products to draw in tourists and contribute to economic growth.

He also disclosed the Sabah government was in favour of the proposed bridge linking Labuan to the mainland of Sabah.

“This will help spur Labuan’s economic development in the long run,” he said.

Mohd Shafie added the Ministry of Federal Territories’ officials had met him for some inputs on the proposed bridge that is expected to benefit the tourism sector.