25 March 2024news

Labuan IBFC creates China Desk

The Malaysian domicile is seeking to bolster business links to China.\\Labuan IBFC Incorporated, the official promotional and marketing agency for Labuan International Business and Financial Centre (Labuan IBFC) has established the Labuan IBFC China Desk.

China has remained Malaysia’s top trading partner for the last 15 consecutive years, with bilateral trade between both countries reaching a record high of $156 billion in the first ten months of 2023. The recent mutual waiver of visa requirements between Malaysia and China creates a more conducive environment for people-to-people exchanges and cooperation between both countries.

The financial services sector is a key driver for economic development, and as such Labuan IBFC aims to support economic and trade exchanges as well as cooperation to promote bilateral trade, investment and cross-border business development between Malaysia and China.

Labuan IBFC pointed out that as Malaysia and China commemorate the 50th anniversary of the establishment of diplomatic relations in 2024, and with the China-Malaysia Comprehensive Strategic Partnership entering its 11th year, the timing for this move could not be more opportune. Similarly, China is also a strategic market for Labuan IBFC, with a focus on positioning Labuan IBFC as a regional gateway to facilitate investments and business expansion into Malaysia and beyond.

“The time is ripe for Labuan IBFC to establish the Labuan IBFC China Desk to facilitate Chinese companies’ entry into the region for investments and business expansion,” said Datuk Iskandar Mohd Nuli, executive chairman and chief executive of Labuan IBFC Inc. “Ultimately, Labuan IBFC will serve as a gateway to promote bilateral trades, investments and cross-border business expansion between Malaysia and China, as well as with the rest of the region.”

The implementation of the Labuan IBFC China Desk is based on a four-pronged approach, the agency said. The establishment of the desk firstly allows for focused development and implementation strategies that suit the Chinese market. The second approach will focus on collating China-specific market trends and developments to better serve the evolving needs of Chinese investors.

Recognising the significance of China’s unique business culture and language, having a dedicated team with expertise in the Chinese language, culture and business practices is a key third strategy. This ensures seamless communication and fosters mutual understanding, essential for conducting business effectively. Lastly, the Labuan IBFC China Desk will seek to cultivate relationships with Chinese stakeholders, including government agencies and trade associations that are crucial to navigating the Chinese business landscape.

This platform aims to enhance facilitation, communications and support to strengthen the business relationship between Labuan IBFC and Chinese businesses, ultimately fostering the development of local Labuan talent, creating new opportunities for industry advancement, and facilitating high-level strategic cooperation.

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