Labuan to see major boost in new budget

LABUAN: Oil and gas, tourism and international Islamic financing have been identified as the three main catalysts for Labuan's economy, said Federal Territories and Urban Welbeing Minister Raja Nong Chik Raja Zainal Abidin.
He said the three sectors were among those being focused under the National Key Result Areas (NKRAs).

"The provision for the development of the three sectors in Labuan will be announced in the budget to be presented by Prime Minister Najib Tun Razak in parliament next week," he told reporters after officially opening the Labuan Public Library, here, yesterday.

Raja Nong Chik said various efforts would be taken to spur development in the three sectors by taking into account the participation of the local people.

"There is a need for more effort to develop the tourism industry in Labuan as it has the potential to become another major tourist destination in the country."

Raja Nong Chik said apart from that, Labuan was also the production centre for methanol natural gas, hence plans must be drawn up to ensure its bigger contribution to the island's economy.

The minister also said that aggressive promotional efforts must made to sustain the international Islamic financing sector and make Labuan a premier international Islamic financing centre in this region.

"What is important in developing the three sectors is for the local people to be able to benefit from these to raise their living standard," he added.

- Bernama