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Labuan's capital is Victoria, which is best known as an offshore financial centre offering international financial and business services via Labuan IBFC since 1990, as well as being an offshore support hub for deepwater oil and gas activities in the region.
Victoria (Malaysian: [vikˈtɔriˈa]) (Malay: Bandar Victoria), sometimes known as Bandar Labuan or simply Labuan, is the capital of the Federal Territory of Labuan in Malaysia, an island group off the north coast of Borneo.
The Federal Territories (FT), (Malay: Wilayah Persekutuan) in Malaysia comprise three territories—Kuala Lumpur, Labuan, and Putrajaya—governed directly by the Federal Government of Malaysia. Kuala Lumpur is the national capital of Malaysia, Putrajaya is the administrative capital, and Labuan is an offshore international financial centre.
The 3 federal territories were formed for different purposes: Kuala Lumpur is the national capital, Putrajaya is the administrative centre of the federal government, and Labuan serves as an offshore financial centre. Kuala Lumpur and Putrajaya were carved out of Selangor, while Labuan was ceded by Sabah.
Labuan International Business and Financial Centre (IBFC) is a special economic zone of the Malaysian government based on the island of Labuan off the Borneo coast. It was established in 1990 and has been marketed as having a unique position to tap investment opportunities in Asia and beyond.
The hoisting of British flag for the first time on Labuan on 24 December 1846 following its foundation as a Crown colony. Since 1841, when James Brooke had successfully established a solid presence in northwestern Borneo with the establishment of the Raj of Sarawak and began to assist in the suppression of piracy along the island coast, he had persistently promoted the island of Labuan to the ...
East Malaysia comprises the states of Sabah and Sarawak, as well as the federal territory of Labuan. Political map of the island of Borneo, with East Malaysia shown in orange East Malaysia ( Malay : Malaysia Timur ), or the Borneo States , [ 1 ] also known as Malaysian Borneo , is the part of Malaysia on and near the island of Borneo , the ...
The following table is the list of the GDP of Malaysian states released by the Department of Statistics Malaysia. [7] [8]Data for 2023 estimates (US$ 1 = MYR 4.56 at 2023 average market exchange rate, [9] international $ (I$) using 2023 PPP conversion factor from World Bank (I$ 1 = MYR1.43) [10])