Labuan: The Labuan Financial Services Authority (Labuan FSA) and Labuan Corporation (LC) must collaborate closely to strengthen the island’s economy and ensure the benefits reach the local community, Minister in the Prime Minister’s Department (Federal Territories) Dr Zaliha Mustafa said. She emphasised that the partnership should extend beyond economic enhancement, ensuring it delivers tangible benefits to the people.

According to BERNAMA News Agency, Dr Zaliha shared insights from her discussion with Labuan FSA officials regarding the agency’s performance and activities. She expressed satisfaction with the jurisdiction’s growth, citing an eight per cent increase and the issuance of 66 new licenses in 2024. This growth reflects positively on Labuan FSA’s contribution to the island’s economy, accounting for 52 per cent of industry expenditures, office occupancy, and employment opportunities.

Dr Zaliha also acknowledged Labuan FSA’s recent accolade as the Best International Jurisdiction for Islamic Banking and Finance 2024 at the Global Islamic Financial Awards. She urged Labuan Corporation to continue its proactive efforts in facilitating business operations and boosting confidence among local and foreign investors.

She concluded by highlighting the importance of translating economic achievements into meaningful benefits for the community, stressing that success should not be measured solely by achievements and revenue figures.