Sep 02, 2013
Labuan, August 29th 2013 - Labuan Financial Services Authority (Labuan FSA) and Iskandar Regional Development Authority (IRDA) have signed a Memorandum of Understanding (MoU) today to establish a collaborative framework towards enhancing mutual cooperation in the development of the financial sector and investment opportunities in the Labuan International Business and Financial Centre (IBFC) and Iskandar Malaysia.
The signing of the MoU reinforces the intent to cooperate in developing new areas of synergy and strategic alliance between the two authorities, particularly on new initiatives and incentives to further enhance business and investment opportunities in Iskandar Malaysia through Labuan IBFC as the investment platform. The framework also facilitates the sharing of expertise, exchange of information and joint project execution to maximise the effective use of resources and facilities. The scope of cooperation also includes promotional activities and media communication initiatives for the mutual benefit of the two authorities.
The MoU signifies a milestone in business and financial linkages between the two authorities towards contributing to national development and economic growth. The MoU was signed by En. Ahmad Hizzad Baharuddin, Director General of Labuan FSA, and Y.Bhg. Prof. Datuk Ismail Ibrahim, Chief Executive of IRDA.
Re-disseminated by The Asian Banker