Labuan needs new businesses to boost employment

LABUAN: New industries and businesses must be created and governed in a prudent way to help expand employment on the duty-free-island here, amid downward pressure on growth.

Labuan Media Practitioner Association’s new patron (corporate sector) Datuk Shamsul Sahari reckoned an economic forum (or economic-related discussion) should be held to encourage mass entrepreneurship and innovation to create employment opportunities.

“Market-oriented innovation spaces and free-trade zones should be promoted to provide support to talents to start their businesses and upgrade traditional industries,

“More jobs can be created when new economic drivers are cultivated to offer more positions,” he said in an interview.

Shamsul, whose business involves the shipping services sector and supply through Alam Hartawan Sdn Bhd, noted that employment was among the most vital economic indicators for the island’s economic growth.

“Facing downward pressure on economic growth in recent years, from the slump of crude oil prices to the Covid-19 pandemic, Labuan should place employment as a top priority and take more proactive measures, which will help this federal territory create more employment,” he said.

He said there was a huge demand for jobs but employment was facing many structural problems, which calls for more intensified efforts to combat unemployment.

“Mass entrepreneurship and innovation should be encouraged to create jobs, while the government will roll out more measures to support workers in starting their own businesses in their hometowns,” he said.

Shamsul said economic growth and employment could complement each other, because a stabilising economy could support employment while full employment, in return, could boost economic restructuring and industrial upgrading.

“New businesses should emerge and the local authority should take a prudent path to manage these new economic drivers that can also contribute to an increasing number of employment opportunities,” he said.