China bank keen to set up branch in Labuan

LABUAN: The Industrial and Commercial Bank of China (M) Bhd is keen to establish a branch office here.This was disclosed by the Chairman of the Labuan Chinese Chamber of Commerce (LCCC), Wong Kii Yii, after a meeting with the bank's Sarawak General Manager, Tan Yan Chiok, who was here recently for the purpose of discussing the matter with LCCC officials.

Wong said the bank found Labuan a suitable choice for its second branch in East Malaysia, after Kuching, since the island is an International Financial and Business Centre as well as an oil and gas hub and a duty-free island.

He said the bank viewed the island positively.

Wong noted that with the bank having a branch here, it would make business dealings with China easier. Going by record China had always been interested in Labuan, particularly in the context of infrastructure development. Cash-rich China companies with experience had expressed interest to invest in this sector.

SPONSORED CONTENT

Sabah revenue hits RM6.97 billion: Hajiji says GRS State Government may see full term

Kota Kinabalu: The Sabah Government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya (SMJ) when it posted record high state revenue of RM6.973 billion last year.

In 2011, reputed port builder and operator, Shanghai Harbour Engineering Company, sent a delegation of 17 members to discuss with Labuan Corporation on the development and operation of a new port at Rancha Rancha.

Another China company, Zuhai Winbase Industrial Tan Farm Terminal, wanted to invest RM4 billion with a local partner to develop an integrated petroleum complex at Pulau Daat.

More recently, Shandong Laigang of China, in partnership with a local company, submitted a massive economic development plan to invest RM60 billion to build the proposed Labuan bridge, an entreport and a Marina city on reclaimed island.

Stay up-to-date by following Daily Express’s Telegram channel.

Daily Express Malaysia

However, none of the plans became a reality.

Some are expecting that with the beginning of the 11th Malaysia Plan (11MP) in May next year, the economic planning and policy may be adjusted accordingly to meet the developments since the 11MP is the final phase before Malaysia progresses towards becoming an advanced nation with high income.

Try 1 month for RM 18.00

Try 1 month for RM 18.00

Try 1 month for RM 18.00