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Labuan business group proposes 4 initiatives in 2024 budget

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The Labuan Chamber of Commerce’s first proposal is to reintroduce transhipment for alcohol and tobacco products such as cigarettes.

The federal territory of Labuan has been grappling with several issues that require strategic solutions to unlock its full potential, says a business leader.

LCC secretary Raymund Pang, during a presentation of “Labuan’s Economic Transformation: Challenges and Opportunities”, said Labuan, Malaysia’s international business and financial centre , has been grappling with several issues that require strategic solutions to unlock its full potential. Pang added that the revival of transhipment for alcohol and cigarettes would not only strengthen Labuan’s position in the region but also contribute significantly to its economic growth.

“This repurposing initiative is expected to breathe new life into an underutilised asset and further boost Labuan’s economic potential.”“Leveraging Labuan’s safe and healthy environment, this initiative aims to attract more private higher learning institutions to the region.

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