Thursday, 16th August, 2001

LOFSA Woos Aussies

Melbourne: Labuan Offshore Financial Services Authority (LOFSA) plans to launch a programme to attract more business from Australia.

LOFSA director general, Noorazman Abdul Aziz said he saw excellent prospects in the Australian financial services industry and he planned to return to Australia to make presentation to industry leaders. He told BERNAMA he had made brief visits to Sydney, Melbourne, Adelaide and Perth and was convinced that LOFSA would be attractive to Australian investors.

Noorazman said he had met officials from banks, insurance companies, legal and tax consultants and multinational corporations in Australia and they were keen to know more about Labuan.

"My meetings with these people had been very fruitful and I look forward to their foray into Labuan," he said.

"I plan to return to Australia in the new year to make presentations, especially to the large merchant and investment banks, accountants and lawyers who give clients investment advice.

I would like to tell that instead of going to Europe, the US or the Caribbean, they should come to Labuan because our cost is competitive and our services excellent."

Noorazman said he was keen to win over the Macquarie Bank, Australia's largest merchant bank and life insurance companies.

He said there were about 3000 companies and 20 top banks already in Labuan and there were scope for more investment.

"We have been recognised internationally for our clean image and strict rules," he said .