LABUAN: The Labuan Chamber of Commerce (LCC) has restated its commitment to lead economic collaboration in the Borneo region, signifying a crucial moment in the pursuit of shared prosperity.
LCC chairman Daniel Doughty said with enthusiasm and a shared vision for a prosperous future, his business chamber would enhance economic ties and catalyse joint action within the Borneo region.
“Serving as one of the lead partners for Borneo’s economic growth, the chamber aims to encourage collaboration, unity, and the forging of connections that transcend borders, fostering an environment conducive to collaborative endeavours.
“Acknowledging the crucial role played by other business chambers in championing shared prosperity, the LCC praises their dedication to promoting cross-sectoral dialogue, knowledge exchange, and innovative thinking, laying the foundation for a brighter tomorrow where the Borneo region stands united in its pursuit of economic excellence,” he said in his address at the closing day of the Borneo Business Roundtable 2023, in Jakarta, Indonesia, on Monday (Sept 5).
He said one of Labuan’s notable strengths lies in the Labuan International Business and Financial Centre (Labuan IBFC), which boasts an extensive network of close to 5,000 registered and licensed companies.
Doughty said these companies span across various industries and sectors, including 68 offshore and investment banks, 230 insurance and insurance-related firms, and others in shipping, trading, and consultancy.
He said Labuan IBFC’s robust regulatory framework ensures that all entities adhere to stringent standards of compliance and transparency, making it an attractive choice for both local and foreign companies seeking to establish an offshore presence.
“The combination of attractive tax incentives and a conducive business environment further enhances its appeal. Labuan’s geographical advantage as a one-stop transshipment hub was emphasised with the recent approval of six berthing areas for ship-to-ship operations within Labuan’s port limits.
“These berths, boasting remarkable depths of up to 35 metres, cater to Very Large Crude Carriers (VLCC) and Q-max size vessels.
“This deep-water capability positions Labuan as a prime transshipment location, enabling the efficient and seamless transfer of goods between these large vessels,” Doughty said.
He said this development further solidifies Labuan’s stature as a pivotal maritime hub in the region, attracting the attention of the global shipping industry.
Doughty also said LCC commended the ASEAN Business Advisory Council and the ASEAN Business Advisory Council of Brunei Darussalam for their dedicated co-hosting of the Borneo Business Roundtable 2023.
“Their unyielding commitment to the ideals of economic collaboration and joint action has set the stage for Borneo’s economic renaissance,” he said.
Doughty noted that with Labuan’s thriving business ecosystem and strategic maritime advantages, the Borneo region is poised to thrive in the ever-evolving global economic landscape. – BERNAMA
